[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 5623 Introduced in Senate (IS)]

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118th CONGRESS
  2d Session
                                S. 5623

 To establish a debt reduction fund to reduce the national debt of the 
                             United States.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

            December 19 (legislative day, December 16), 2024

  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.

    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 under subsection (b).
            (2) Secretary.--The term ``Secretary'' means the Secretary 
        of the Treasury.
            (3) Total revenue.--The term ``total revenue'' means all 
        initial bid amounts collected at the time of an oil or gas 
        lease sale, including royalties, rental payments, and fees 
        accrued over the life of the lease.
    (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, 25 percent of the total revenue generated by an 
onshore or offshore Federal oil and gas lease sale conducted under the 
Mineral Leasing Act (30 U.S.C. 181 et seq.) or the Outer Continental 
Shelf Lands Act (43 U.S.C. 1331 et seq.), as applicable, shall be 
deposited into the Fund.
    (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), specifying--
            (1) the Treasury securities or other debt instruments 
        redeemed; and
            (2) the associated reduction in total Federal debt.
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