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Energy for America’s Economic Future Act
To establish a debt reduction fund to reduce the national debt of the United States, and for other purposes.
Summary
This bill establishes a Debt Reduction Fund in the Treasury to reduce the national debt. Beginning 100 days after enactment, the fund will receive quarterly deposits of 25 percent of revenue from federal onshore and offshore oil and gas lease sales, and 25 percent of revenue from activities related to advancing artificial intelligence infrastructure. All funds deposited must be used solely to reduce the principal of the federal debt by purchasing and retiring Treasury securities. The Treasury Secretary must submit quarterly reports to Congress documenting the amounts deposited and applied to debt reduction.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Sen. Schmitt, Eric [R-MO] (R-MO)
Actions (2)
- Jan 21, 2025 Read twice and referred to the Committee on Energy and Natural Resources. · senate
- Jan 21, 2025 Introduced in Senate
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
IN THE SENATE OF THE UNITED STATES
January 21, 2025
Mr. Schmitt introduced the following bill; which was read twice and referred to the Committee on Energy and Natural Resources
A BILL
To establish a debt reduction fund to reduce the national debt of 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 “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. <all>
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