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