January 21, 2025
Mr. Schmitt introduced the following bill; which was read twice and referred to the Committee on Energy and Natural Resources
To establish a debt reduction fund to reduce the national debt of the United States, and for other purposes.
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.