[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 9543 Introduced in House (IH)]
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118th CONGRESS
2d Session
H. R. 9543
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
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.
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 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.
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