{"database": "press", "table": "releases", "rows": [["https://mcgarvey.house.gov/media/press-releases/congressman-morgan-mcgarvey-introduces-american-sovereign-wealth-fund-exploration-act-of-2025", "Congressman Morgan McGarvey Introduces American Sovereign Wealth Fund Exploration Act of 2025", "2025-04-30", "2025", "2025-04", "Democrat", "House", "KY", "Morgan McGarvey", "M001220", "mcgarvey.house.gov", "mcgarvey", "https://mcgarvey.house.gov/media/press-releases", "scraper", "Congressman Morgan McGarvey (KY-03) introduced the American Sovereign Wealth Fund Exploration Act of 2025 today, which would create a 25-member commission to study and report on the \u201cfeasibility, considerations, limitations, and implications of creating and operating a sovereign wealth fund of the United States.\u201d To provide independence, the commission would be hosted by the Federal Reserve and be composed of members from the Federal Reserve System, Treasury Department, Securities and Exchange Commission, Commerce Department, U.S. Trade Representative, and academics and experts.\n\nLast year, Congressman McGarvey introduced a similar bill, which was the first legislation ever introduced in Congress explicitly researching the feasibility of an American sovereign wealth fund.\n\n\u201cTo solve today\u2019s problems, we must be bold. An American sovereign wealth fund, with proper congressional authorization and oversight and political independence, could dramatically improve the lives of working families across our country, including helping fund universal child care, an expanded Child Tax Credit, or even universal health care,\u201d said Congressman McGarvey. \u201cIf we are going to do this, we have to do it right \u2013 and we have to do it through Congress. We must ensure a sovereign wealth fund is used to help working families and is not just a slush fund for billionaires.\u201d\n\nBACKGROUND:\n\nGeneral\n\nThe American Sovereign Wealth Fund Exploration Act of 2025 is built on the premise that a sovereign wealth fund (SWF) is neither good nor bad, it\u2019s a tool.\n\nThe bill prioritizes objective analysis, political independence, and strong ethics requirements, including requiring the 25-member commission to consult the Santiago Principles \u2013 best practices for open, ethical, and transparent SWFs \u2013 when drafting their report.\n\nThe commission would have two years to develop a report to Congress on their findings and recommendations for legislative action.\n\nTo provide independence, the bill explicitly requires that the commission is housed within the independent Federal Reserve System.\n\nThe McGarvey Commission\n\nThe bill creates a 25-person commission comprising of:\n\n6 representatives from the Board of Governors of the Federal Reserve System or a Federal reserve bank.\n\n3 representatives from the Department of the Treasury.\n\n3 representatives from the Securities and Exchange Commission.\n\n2 representatives from the Department of Commerce.\n\n1 representative from the Office of the U.S. Trade Representative.\n\n10 representatives from academia or experts in the fields of economics, monetary policy, fiscal policy, investment policy, industrial policy, or other aspects involving sovereign wealth funds, appointed by the Chair of the Federal Reserve.\n\nSovereign Wealth Funds in Other Developed Nations\n\nAccording to the International Forum of Sovereign Wealth Funds, over $9 trillion in assets are managed by over 100 SWFs globally, such as:\n\nAustralia's Future Fund\n\nFrance's Bpifrance\n\nIreland Strategic Investment Fund\n\nNew Zealand Superannuation Fund\n\nSingapore's Temasek Holdings\n\nSouth Korea's Korea Investment Corporation\n\nState-Level Funds in the U.S.\n\nAccording to the Sovereign Wealth Fund Institute, 14 U.S. states have SWFs:\n\nAlabama Trust Fund\n\nAlaska Permanent Fund Corporation\n\nColorado Public School Fund Investment Board\n\nIdaho Endowment Fund Investment Board\n\nLouisiana Education Quality Trust Fund\n\nNative Hawaiian Trust Fund\n\nNew Mexico State Investment Council\n\nNorth Dakota Legacy Fund\n\nOklahoma Tobacco Settlement Endowment Trust\n\nTexas Permanent School Fund\n\nUniversity of Texas/Texas A&M Investment Management Company\n\nUtah School & Institutional Trust Funds Office\n\nWest Virginia Future Fund\n\nWisconsin Board of Commissioners of Public Lands\n\nWyoming State Loan and Investment Board\n\n###", 1, "2026-03-30T01:40:41Z", "2026-04-06T18:06:22Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://mcgarvey.house.gov/media/press-releases/congressman-morgan-mcgarvey-introduces-american-sovereign-wealth-fund-exploration-act-of-2025"], "units": {}, "query_ms": 1.1910330504179, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}