What does Preamble of Energy for America’s Economic Future Act do?

This bill is formally titled 'To establish a debt reduction fund to reduce the national debt of the United States, and for other purposes.'

What does SHORT TITLE. of Energy for America’s Economic Future Act do?

This bill is formally titled the "Energy for America's Economic Future Act".

What does DEBT REDUCTION FUND. of Energy for America’s Economic Future Act do?

This section establishes the Debt Reduction Fund within the Treasury of the United States. The Fund's purpose is to reduce the principal of the Federal debt. The term 'total revenue' includes bonus bid amounts, royalties, rental payments, and fees from oil and gas leases. Beginning 100 days after enactment, 25% of revenue from federal oil and gas lease sales will be deposited into the Fund. Additionally, 25% of revenue generated by activities associated with Executive Order 14141 (related to artificial intelligence infrastructure) will be deposited. The Secretary of the Treasury is responsible for applying funds to reduce outstanding Treasury securities and other debt instruments. The Secretary must submit quarterly reports to Congress detailing the amounts applied to debt reduction, including specific securities redeemed and the resulting debt reduction.

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Energy for America’s Economic Future Act

Last updated: 1/21/2025 · Introduced: 1/21/2025

Author: Eric Schmitt (R-MO)

TL;DR (AI)

This bill creates the Debt Reduction Fund to reduce the U.S. national debt.
Twenty-five percent of revenue from federal oil and gas lease sales will be deposited into the fund, starting 100 days after enactment.
Twenty-five percent of revenue generated by activities associated with artificial intelligence infrastructure will also be deposited into the fund.

119th Congressin committeeOfficial page

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Other Sections

Includes provisions on preamble, short title., and 1 more.

3 sections

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