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US HB3116
Bill
Status
Introduced
4/30/2025
Primary Sponsor
Morgan McGarvey
Click for details
AI Summary
- Establishes a 25-member Commission on Exploring the Creation of a Sovereign Wealth Fund of the United States within 90 days of enactment, to be formed by the Federal Reserve Chair
- Commission membership includes 6 Federal Reserve representatives, 3 Treasury representatives, 3 SEC representatives, 2 Commerce Department representatives, 1 U.S. Trade Representative, and 10 academic/expert appointees
- Commission must investigate feasibility of a national sovereign wealth fund, including potential revenue sources (natural resources, tariffs, taxes, foreign exchange reserves), investment options (stocks, bonds, real estate, private equity), and fund uses (infrastructure, social programs, debt reduction, direct payments)
- Management and operations must align with the Santiago Principles (international sovereign wealth fund standards), addressing governance, transparency, political independence, and accountability
- Final report with findings and legislative recommendations due within 2 years of the Commission's first meeting, submitted to the President, Congress, and relevant federal agencies
Legislative Description
American Sovereign Wealth Fund Exploration Act
Finance and financial sector
Last Action
Referred to the House Committee on Financial Services.
4/30/2025
Committee Referrals
Financial Services4/30/2025
Full Bill Text
No bill text available