H.R. 3116

[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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