§2.Commission on exploring the creation of a sovereign wealth fund of the united states
This section establishes a 25-member Commission on Exploring the Creation of a Sovereign Wealth Fund of the United States, to be created by the Federal Reserve Chair not later than 90 days after enactment, to study the feasibility of creating a national sovereign wealth fund (i.e., a government-owned investment fund, such as those used by other countries to manage revenues from natural resources or surpluses for long-term national benefit) owned and managed by the United States and to make recommendations to Congress.
The commission comprises (1) 6 representatives from the Federal Reserve, (2) 3 from the Department of the Treasury, (3) 3 from the Securities and Exchange Commission, (4) 2 from the Department of Commerce, (5) 1 from the Office of the United States Trade Representative, and (6) 10 academia or experts appointed by the respective officials; members serve 2-year terms (reappointable), with vacancies filled within 30 days, meet quarterly (first within 60 days of full membership), select their own chairperson (replacement within 30 days), and may form subcommittees (majority quorum required).
The commission must investigate (1) feasibility of the fund, including revenue sources (e.g., natural resources, tariffs, foreign reserves), asset composition (e.g., stocks, real estate, private equity), uses (e.g., dividends, infrastructure, debt reduction), management per Santiago Principles (e.g., governance, transparency), projected outcomes, and implications for fiscal balance, inflation, national security, and other factors; (2) solicit views from interested parties; and (3) evaluate related proposals; and may hold hearings and receive evidence.