Bill · S. 168· Senate(119-S-168)
Energy for America’s Economic Future Act
- Introduced
- 1/21/2025
- Last activity
- 1/21/2025 — Read twice and referred to the Committee on Energy and Natural Resources.
- Sponsored by
- Eric Schmitt
- Cosponsors
- None
- Introduced
- In Committee
What this bill would do
This bill, titled the "Energy for America's Economic Future Act," proposes the creation of a Debt Reduction Fund within the Treasury of the United States. The fund would receive quarterly deposits consisting of 25 percent of total revenue from specific Federal oil and gas lease sales. Additionally, it would receive 25 percent of revenue from activities associated with Executive Order 14141. These deposited funds are required to be used exclusively to reduce the principal of the Federal debt. The Secretary of the Treasury must apply these amounts toward outstanding Treasury securities or other debt instruments. Finally, the Secretary is required to submit regular reports to Congress detailing the debt reduction achieved.
Yes
Does this reduce what the federal government owes?+5
The bill mandates that 25 percent of revenues from oil and gas leases and AI infrastructure activities be used specifically to reduce the principal of the Federal debt.
Does this make the government pay for what it commits to?+4
The bill establishes a dedicated fund and a mandatory reporting requirement to ensure specific revenues are applied toward reducing Federal debt.
Does this make what the government does easier for the public to see?+3
The bill requires the Secretary of the Treasury to submit regular reports to Congress detailing the specific debt instruments redeemed and the reduction in debt.
The opposite
Does this put more money into scientific research?-3
Revenue from activities associated with artificial intelligence infrastructure is diverted to debt reduction rather than being reinvested into technology or research.
Does this reduce how much oil, gas and coal is produced?-2
The bill relies on revenues generated from Federal oil and gas lease sales to fund the debt reduction mechanism.
Who it would affect, and how
Potential Positive Impacts for People
-
Reduction of National Debt: The bill mandates that funds be used solely to reduce the principal of the Federal debt (Section 2(d)(1)). This could benefit the public by addressing the national debt through the application of deposited amounts toward outstanding Treasury securities or other debt instruments (Section 2(d)(2)).
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Financial Transparency: The Secretary of the Treasury must submit a report to Congress every year and quarterly thereafter (Section 2(e)). This report will detail the specific debt instruments redeemed and the total reduction in Federal debt, allowing for oversight of how the funds are used (Section 2(e)(1)-(2)).
Potential Negative Impacts for People
- No specific negative impacts or burdens are explicitly mentioned in the provided text.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Economy And Finance
- Reduces National Debt+5Improves Fiscal Responsibility+4
- Education And Technology
- Increases Scientific Research Funding-3
- Governance And Ideology
- Improves Government Transparency+3
- Environment Energy And Infrastructure
- Reduces Fossil Fuel Production-2
- 1/21/2025
- Read twice and referred to the Committee on Energy and Natural Resources.
- Introduced in Senate