American Sovereign Wealth Fund Exploration Act

Bill: 118-hr-9543
Sponsor: full_name: Rep. McGarvey, Morgan [D-KY-3]
Introduced: 2024-09-11
Policy area: Finance and Financial Sector
Latest action: action_date: 2024-09-11
text: Referred to the House Committee on Financial Services.

Summaries:

tv_txt: I 118th CONGRESS 2d Session H. R. 9543 IN THE HOUSE OF REPRESENTATIVES September 11, 2024 Mr. McGarvey introduced the following bill; which was referred to the Committee on Financial Services A BILL To establish a commission to study the creation of a national sovereign wealth fund by the United States, and for other purposes.

1. Short title This Act may be cited as the American Sovereign Wealth Fund Exploration Act . 2. Commission on exploring the creation of a sovereign wealth fund of the United States (a) Establishment Not later than 90 days after the date of the enactment of this Act, the Secretary of the Treasury shall establish a commission to be known as the Commission on Exploring the Creation of a Sovereign Wealth Fund of the United States (in this Act referred to as the Commission ) to study and make recommendations to Congress and to the President about the creation of a national sovereign wealth fund owned and managed by the United States. (b) Membership The Commission shall be composed of the following members: (1) 9 representatives from the Department of the Treasury, appointed by the Secretary of the Treasury. (2) 3 representatives from the Department of Commerce, appointed by the Secretary of Commerce. (3) 3 representatives from the Securities and Exchange Commission, appointed by the Chairman of the Securities and Exchange Commission. (4) 3 representatives from the Board of Governors of the Federal Reserve System or a Federal reserve bank, appointed by the Chairman of the Federal Reserve. (5) 7 representatives from academia or experts in the fields of economics, monetary policy, fiscal policy, investment policy, industrial policy, or other aspects involving sovereign wealth funds, appointed by the Secretary of the Treasury. (c) Terms and vacancies (1) Terms A member of the Commission shall be appointed for a term of 2 years. A member may be reappointed for such additional 2-year term as the individual appointing such member determines appropriate. (2) Vacancies The relevant individual appointing each member shall fill a vacancy in the Commission in the same manner as the original appointment not later than 30 days after such vacancy occurs. (d) Meetings (1) Frequency The Commission shall meet not less frequently than once a quarter. The Commission shall meet within 60 days of the appointment of all members. (2) Subcommittees The Commission may form subcommittees, which shall meet as often as required. (3) Quorum A majority of the members of the Commission shall constitute a quorum. (e) Chairperson Members of the Commission shall select a Chairperson from among the members of the Commission. If the position of Chairperson becomes vacant, the members of the Commission shall select a new Chairperson not later than 30 days after the date on which the position became vacant. (f) Investigation The Commission shall conduct an investigation that includes the following: (1) An examination of the feasibility, considerations, and implications of creating and operating a sovereign wealth fund of the United States, including— (A) sources of revenue into the fund, such as— (i) natural resources; (ii) existing assets owned by the Federal Government; (iii) taxes and levies; and (iv) borrowed money, deficit spending, bond issuance, and other mechanisms; (B) management logistics, such as— (i) the creation and composition of an independent board or commission to administer the funds; (ii) how investments would be determined; and (iii) whether and how the fund would be subject to audits, reports, transparency, and other accountability mechanisms; (C) composition of the fund and which assets would be attainable by the fund, such as— (i) domestic and international holdings of— (I) stocks; (II) bonds; (III) real estate; and (IV) other wealth generating ventures; and (ii) limitations on which assets to invest in; (D) ownership rights in the assets and how these would be exercised, including withdrawals; (E) usage of funds and wealth generated by the sovereign wealth fund for— (i) general revenue; (ii) existing government programs; and (iii) dividends or direct payments; and (F) implications of the operation and usage of the sovereign wealth fund on— (i) the general fiscal balance of the United States; (ii) domestic and foreign wealth inequality; (iii) economic growth and gross domestic product; (iv) inflation; (v) the real estate market; (vi) financial stability; (vii) political interference; (viii) protectionism and trade wars; (ix) asset prices; (x) exchange rates; (xi) corruption; (xii) national security; and (xiii) any other aspect of the economy. (2) A solicitation of views of all parties concerned with creation of a sovereign wealth fund of the United States. (3) An evaluation of the advisability of proposals and current arrangements with respect to any issues so identified. (g) Powers (1) In general The Commission may hold such hearings, sit, and act at such times and places, take such testimony, and receive such evidence as the Commission considers appropriate to perform the investigation described in subsection (f). (2) Detail of federal employees Upon request of the Commission, the head of an agency that appoints a member under subsection (b) may detail, on a reimbursable basis, any of the personnel of their respective department or agency to the Commission to assist the Commission to perform the investigation described in subsection (f). (3) Experts and consultants The Commission may procure such temporary and intermittent services from experts and consultants as are necessary to enable the Commission to perform the investigation described in subsection (f). (4) Use of the postal service The Commission may use the United States postal service in the same manner and under the same conditions as other Federal agencies. (5) Obtain administrative support Upon request of the Commission, the Administrator of General Services shall make available to the Commission, at a normal rental rate for Federal agencies, such assistance and facilities as may be necessary for the Commission to perform the investigation described in subsection (f). (6) Contract authority The Commission may enter into contracts with and compensate the Federal Government, State and local governments, private entities, or individuals to enable the Commission to perform the investigation described in subsection (f). (7) Compensation The Chairperson of the Commission, in accordance with rules agreed upon by the Commission, shall appoint and fix the compensation of a staff director and such other personnel as may be necessary to enable the Commission to perform the investigation described in subsection (f), without regard to the provisions of title 5, United States Code, governing appointments in the competitive service, and without regard to the provisions of chapter 51 and subchapter III of chapter 53 of such title relating to classification and General Schedule pay rates, except that no rate of pay fixed under this subsection may exceed the equivalent of that payable to a person occupying a position at level V of the Executive Schedule under section 5316 of such title. (8) Travel expenses Members of the Commission shall be allowed travel expenses, including per diem in lieu of subsistence, at rates authorized for employees under subchapter I of chapter 57 of title 5, United States Code, while away from their homes or regular places of business in the performance of services for the Commission. (h) Report Not later than 2 years after the date of the first meeting of the Commission, the Commission shall submit to the public, the President, relevant Federal agencies, and relevant Congressional committees, as determined by the Commission, a report that includes the following: (1) The findings of the investigation described in subsection (f). (2) Recommendations, based on such findings, which shall include— (A) recommendations for legislative action; and (B) recommendations for guidance, regulations, and other administrative rulemaking for the relevant Federal departments and agencies, as determined by the Commission. (3) The report may include any minority views or opinions.