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119-s-168119th CongressWALLET

Energy for America’s Economic Future Act

Sponsored By: Senator Schmitt, Eric [R-MO]

Introduced

Summary

Debt Reduction Fund would be created to pay down federal debt by directing part of certain federal oil and gas lease revenues and revenues tied to federal AI infrastructure activities into a dedicated Treasury fund.

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  • Would require Treasury to deposit each fiscal quarter 25% of total revenue from each federal oil and gas lease sale and 25% of total revenue from activities tied to Executive Order 14141 into the Fund. Deposited amounts would be used only to reduce the principal of federal debt.
  • Would cover onshore and offshore lease sales under the Mineral Leasing Acts and the Outer Continental Shelf Lands Act and would include bonus bids, royalties, rental payments, and fees as part of the defined total revenue.
  • Would begin deposits 100 days after enactment and require the Secretary of the Treasury to apply Fund deposits each quarter to redeem Treasury securities. The Secretary would report to Congress within 1 year and then quarterly on amounts deposited and the specific redemptions and debt reductions.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 1 benefits, 0 costs, 0 mixed.

Quarterly debt paydown from energy and AI

This bill would create a Debt Reduction Fund at the Treasury. Starting 100 days after enactment, each fiscal quarter the Treasury would deposit 25% of revenue from federal onshore and offshore oil and gas lease sales and 25% of revenue from activities tied to Executive Order 14141 into the Fund. Money in the Fund would be used only to reduce federal debt principal. By the last day of each fiscal quarter, the Treasury would apply deposits to redeem outstanding Treasury securities or other debt instruments. The Treasury would report to Congress within one year and then every quarter which securities were redeemed and how much debt was reduced.

Sponsors & CoSponsors

Sponsor

Schmitt, Eric [R-MO]

MO • R

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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