119-hr3116

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3116 Introduced in House

    (IH) ]

<DOC>

119th CONGRESS
 1st Session
 H. R. 3116

To establish a commission to study the creation of a national sovereign 
 wealth fund by the United States, and for other purposes.

_______________________________________________________________________

 IN THE HOUSE OF REPRESENTATIVES

 April 30, 2025

 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.

 Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

 This Act may be cited as the ``American Sovereign Wealth Fund 
Exploration Act''.

SEC. 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 Chair of the Federal Reserve 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 
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) 6 representatives from the Board of Governors of the 
 Federal Reserve System or a Federal reserve bank, appointed by 
 the Chair of the Federal Reserve.

    (2) 3 representatives from the Department of the Treasury, 
 appointed by the Secretary of the Treasury.

    (3) 3 representatives from the Securities and Exchange 
 Commission, appointed by the Chairman of the Securities and 
 Exchange Commission.

    (4) 2 representatives from the Department of Commerce, 
 appointed by the Secretary of Commerce.

    (5) 1 representative from the Office of the United States 
 Trade Representative, appointed by the United States Trade 
 Representative.

    (6) 10 representatives from academia or experts in the 
 fields of economics, monetary policy, fiscal policy, investment 
 policy, social policy, industrial policy, or other aspects 
 involving sovereign wealth funds, appointed by the Chair of the 
 Federal Reserve.
            (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, 
 limitations, and implications of creating and operating a 
 sovereign wealth fund of the United States (in this Act 
 referred to as the ``Fund''), including--
        (A) sources of revenue into the Fund, such as--
            (i) natural resources;
            (ii) existing assets owned by the Federal 
 Government;
            (iii) royalties;
            (iv) taxes and levies;
            (v) tariffs and duties;
            (vi) foreign exchange reserves;
            (vii) borrowed money, deficit spending, 
 bond issuance;
            (viii) budgetary surpluses;
            (ix) private contributions;
            (x) foreign contributions; and
            (xi) other revenue streams;
        (B) composition of the Fund and which assets would 
 be attainable by the Fund for holdings, such as--
            (i) domestic and international holdings 
 of--
            (I) stocks and equities;
            (II) bonds, debts, and other fixed 
 income;
            (III) real estate, infrastructure, 
 commodities, and other assets;
            (IV) private equity;
            (V) cash and currency reserves;
            (VI) other wealth generating 
 ventures; and
            (VII) other ventures of strategic 
 importance; and
            (ii) limitations on which assets to invest 
 in;
            (C) usage of funds and wealth generated by the 
 sovereign wealth fund for--
            (i) general revenue;
            (ii) existing government programs;
            (iii) dividends or direct payments;
            (iv) economic and currency stabilization;
            (v) public investment;
            (vi) infrastructure and other development;
            (vii) social programs and other social 
 spending;
            (viii) debt reduction;
            (ix) investment in critical technologies 
 and industries; and
            (x) other possible uses in the national 
 interest;
            (D) management and operational logistics of the 
 Fund based on the ``Sovereign Wealth Funds: Generally 
 Accepted Principles and Practices

    (GAPP) '' or 
 ``Santiago Principles'' published by the International 
 Working Group of Sovereign Wealth Funds, including--
            (i) governance and personnel structure;
            (ii) legal framework;
            (iii) political independence;
            (iv) oversight, accountability, and 
 transparency;
            (v) ethics;
            (vi) ownership rights and how they will be 
 exercised;
            (vii) how investments and withdrawals would 
 be determined;
            (viii) interactions with other Federal 
 departments and agencies;
            (ix) accounting questions of where and how 
 the funds would be stored; and
            (x) how the Fund would operate in a loss;
        (E) projected outcomes and plausible scenarios of 
 the Fund, including--
            (i) profitability; and
            (ii) other strategic outcomes; and
        (F) implications of the operation and usage of the 
 sovereign wealth fund on the following, and the impact 
 of such following items on the sovereign wealth fund, 
 including--
            (i) the general fiscal balance of the 
 United States;
            (ii) currency appreciation or depreciation;
            (iii) exchanges rates;
            (iv) stock market;
            (v) wealth inequality;
            (vi) economic growth and gross domestic 
 product;
            (vii) inflation;
            (viii) the real estate market and housing 
 affordability;
            (ix) financial stability;
            (x) political interference;
            (xi) protectionism, tariffs, and 
 retaliatory tariffs;
            (xii) corruption;
            (xiii) national security; and
            (xiv) any other relevant aspect.

    (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 detailed recommendations for legislative action.

    (3) The report may include any minority views or opinions.
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