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119-hr-3116119th CongressWALLET

American Sovereign Wealth Fund Exploration Act

Sponsored By: Representative McGarvey, Morgan [D-KY-3]

Introduced

Summary

This bill would create a time‑limited, cross‑agency commission to study whether the United States should create a national sovereign wealth fund. The Commission would analyze possible revenue sources, investment options, governance structures, and likely economic effects like inflation, inequality, and housing affordability.

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  • Federal and regulatory agencies: The Federal Reserve, Treasury, SEC, Commerce, and the U.S. Trade Representative would appoint members, including 6 Fed representatives, 3 Treasury, 3 SEC, 2 Commerce, and 1 USTR.
  • Experts and staff: The Fed Chair would appoint 10 academics or outside experts who would serve two‑year terms with a possible two‑year renewal; the Commission may hire staff and consultants.
  • Lawmakers and policymakers: The Commission would deliver a public report within two years after its first meeting with findings, detailed legislative recommendations, and any minority views to the President, agencies, and Congressional committees.
  • Households and the economy: The Commission would evaluate how a Fund might affect public revenue, social programs, debt, GDP, exchange rates, inflation, and housing affordability, shaping future policy choices.

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 0 benefits, 0 costs, 3 mixed.

Federal panel to study a U.S. wealth fund

If enacted, the Chair of the Federal Reserve would set up a 25-member Commission within 90 days. Members would include 6 from the Federal Reserve, 3 Treasury, 3 SEC, 2 Commerce, 1 USTR, and 10 outside experts. Members would serve 2-year terms and could be reappointed once. The Commission would meet within 60 days after all seats are filled and at least quarterly. It could form subcommittees, hold hearings, hire staff and experts, and use contracts and services from federal agencies on normal terms.

Public report with recommendations in two years

The Commission would issue a public report within 2 years of its first meeting. It would include findings and detailed recommendations for Congress. Minority views could be included. The report would go to the public, the President, relevant agencies, and relevant congressional committees.

What the wealth fund study covers

The Commission would study how a U.S. wealth fund might work. It would review where money could come from, like natural resources, federal assets, taxes, tariffs, reserves, borrowing, surpluses, and private or foreign contributions. It would assess what the fund could buy, such as stocks, bonds, real estate, infrastructure, commodities, private equity, or cash. It would examine uses of earnings, including general revenue, existing programs, dividends or direct payments, stabilization, public investment, social programs, debt reduction, and critical industries. It would set out governance based on the Santiago Principles and analyze effects on inflation, GDP, exchange rates, markets, housing costs, inequality, and national security.

Sponsors & CoSponsors

Sponsor

McGarvey, Morgan [D-KY-3]

KY • D

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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