119-s168

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 168 Introduced in Senate

    (IS) ]

<DOC>

119th CONGRESS
 1st Session
 S. 168

 To establish a debt reduction fund to reduce the national debt of the 
 United States, and for other purposes.

_______________________________________________________________________

 IN THE SENATE OF THE UNITED STATES

 January 21, 2025

 Mr. Schmitt introduced the following bill; which was read twice and 
 referred to the Committee on Energy and Natural Resources

_______________________________________________________________________

 A BILL

 To establish a debt reduction fund to reduce the national debt of 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 ``Energy for America's Economic Future 
Act''.

SEC. 2. DEBT REDUCTION FUND.

    (a) 

=== Definitions. ===
-In this Act:

    (1) Fund.--The term ``Fund'' means the Debt Reduction Fund 
 established by subsection

    (b) .

    (2) Secretary.--The term ``Secretary'' means the Secretary 
 of the Treasury.

    (3) Total revenue.--The term ``total revenue'' means all 
 bonus bid amounts collected at the time of an oil or gas lease 
 sale, as well as royalties, rental payments, and fees accrued 
 over the life of the lease, that were disbursed to the Treasury 
 of the United States as miscellaneous receipts.

    (b) Establishment.--There is established in the Treasury of the 
United States a fund, to be known as the ``Debt Reduction Fund''.
            (c) Deposits.--Notwithstanding any other provision of law, 
effective beginning on the date that is 100 days after the date of 
enactment of this Act, there shall be deposited into the Fund for each 
fiscal quarter--

    (1) an amount equal to 25 percent of the total revenue 
 generated by each onshore and offshore Federal oil and gas 
 lease sale conducted under the Mineral Leasing Act (30 U.S.C. 
 181 et seq.), the Act of August 7, 1947 (commonly known as the 
 ``Mineral Leasing Act for Acquired Lands'') (30 U.S.C. 351 et 
 seq.), or the Outer Continental Shelf Lands Act (43 U.S.C. 1331 
 et seq.), as applicable, during the preceding fiscal quarter; 
 and

    (2) an amount equal to 25 percent of the total revenue 
 generated by activities associated with the Executive Order 
 14141 (90 Fed. Reg. 5469; relating to advancing United States 
 leadership in artificial intelligence infrastructure).
            (d) Use.--

    (1) In general.--Subject to paragraph

    (2) , any amounts 
 deposited into the Fund shall be used solely to reduce the 
 principal of the Federal debt.

    (2) Treasury securities.--Not later than the last day of 
 each fiscal quarter, the Secretary shall apply all amounts 
 deposited into the Fund solely towards reduction of outstanding 
 Treasury securities held by the public, or other debt 
 instruments.

    (e) Report.--Not later than 1 year after the date of enactment of 
this Act, and quarterly thereafter, the Secretary shall submit to 
Congress a report detailing the amounts deposited into the Fund that 
were applied in accordance with subsection
            (d) during the period 
covered by the report, specifying--

    (1) the Treasury securities or other debt instruments 
 redeemed; and

    (2) the associated reduction in total Federal debt.
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