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Debt Reduction Fund: 25% of Oil and Gas Revenue to Pay Down National Debt.

This Act establishes a new Debt Reduction Fund, allocating 25% of all revenue (bids, royalties, fees) from federal oil and gas leases to it. These funds must be used exclusively to reduce the principal of the national debt, potentially easing the financial burden on future generations. Citizens gain transparency regarding how natural resource revenues are directed toward national financial stability.
Key points
Establishment of the Debt Reduction Fund, solely dedicated to reducing the principal of the Federal debt.
25% of the total revenue generated from onshore and offshore Federal oil and gas lease sales will be deposited into the Fund.
Funds will be applied quarterly to reduce outstanding Treasury securities and other debt instruments held by the public.
The Treasury Secretary is required to report quarterly to Congress detailing the debt reduction achieved.
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Expired
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Additional Information
Print number: 118_S_5623
Sponsor: Sen. Schmitt, Eric [R-MO]
Process start date: 2024-12-19
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Summarized by: gemini-flash-latest
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Energy for America’s Economic Future Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_5623.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-12-19.

What are the main provisions?

Key points include:

  • Establishment of the Debt Reduction Fund, solely dedicated to reducing the principal of the Federal debt.
  • 25% of the total revenue generated from onshore and offshore Federal oil and gas lease sales will be deposited into the Fund.
  • Funds will be applied quarterly to reduce outstanding Treasury securities and other debt instruments held by the public.
  • The Treasury Secretary is required to report quarterly to Congress detailing the debt reduction achieved.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Schmitt, Eric [R-MO].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

CATEGORIES

Economy Public Investments