Legis Daily

Energy for America’s Economic Future Act

USA119th CongressS-168| Senate 
| Updated: 1/21/2025
Eric Schmitt

Eric Schmitt

Republican Senator

Missouri

Energy and Natural Resources Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
This bill establishes a Debt Reduction Fund within the Treasury of the United States, defining "total revenue" to encompass bonus bids, royalties, rental payments, and fees from oil and gas leases. Beginning 100 days after enactment, the Fund will receive quarterly deposits. These deposits include 25 percent of the total revenue generated from federal onshore and offshore oil and gas lease sales, as well as 25 percent of total revenue from activities associated with Executive Order 14141 concerning artificial intelligence infrastructure. Amounts deposited into the Fund are to be used exclusively for reducing the principal of the Federal debt . The Secretary of the Treasury is mandated to apply these funds quarterly towards the reduction of outstanding Treasury securities held by the public or other debt instruments. Furthermore, the Secretary must submit a report to Congress annually, and then quarterly, detailing the amounts deposited and applied, specifically identifying the redeemed Treasury securities and the resulting reduction in total Federal debt.
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Timeline

Bill from Previous Congress

S 118-5623
Energy for America’s Economic Future Act
Jan 21, 2025
Introduced in Senate
Jan 21, 2025
Read twice and referred to the Committee on Energy and Natural Resources.
  • Bill from Previous Congress

    S 118-5623
    Energy for America’s Economic Future Act


  • January 21, 2025
    Introduced in Senate


  • January 21, 2025
    Read twice and referred to the Committee on Energy and Natural Resources.

Energy

Energy for America’s Economic Future Act

USA119th CongressS-168| Senate 
| Updated: 1/21/2025
This bill establishes a Debt Reduction Fund within the Treasury of the United States, defining "total revenue" to encompass bonus bids, royalties, rental payments, and fees from oil and gas leases. Beginning 100 days after enactment, the Fund will receive quarterly deposits. These deposits include 25 percent of the total revenue generated from federal onshore and offshore oil and gas lease sales, as well as 25 percent of total revenue from activities associated with Executive Order 14141 concerning artificial intelligence infrastructure. Amounts deposited into the Fund are to be used exclusively for reducing the principal of the Federal debt . The Secretary of the Treasury is mandated to apply these funds quarterly towards the reduction of outstanding Treasury securities held by the public or other debt instruments. Furthermore, the Secretary must submit a report to Congress annually, and then quarterly, detailing the amounts deposited and applied, specifically identifying the redeemed Treasury securities and the resulting reduction in total Federal debt.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline

Bill from Previous Congress

S 118-5623
Energy for America’s Economic Future Act
Jan 21, 2025
Introduced in Senate
Jan 21, 2025
Read twice and referred to the Committee on Energy and Natural Resources.
  • Bill from Previous Congress

    S 118-5623
    Energy for America’s Economic Future Act


  • January 21, 2025
    Introduced in Senate


  • January 21, 2025
    Read twice and referred to the Committee on Energy and Natural Resources.
Eric Schmitt

Eric Schmitt

Republican Senator

Missouri

Energy and Natural Resources Committee

Energy

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted