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

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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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