{"database": "press", "table": "releases", "rows": [["https://mcgarvey.house.gov/media/press-releases/congressman-morgan-mcgarvey-introduces-legislation-to-explore-the-creation-of-an-american-sovereign-wealth-fund", "Congressman Morgan McGarvey Introduces Legislation to Explore the Creation of an American Sovereign Wealth Fund", "2024-09-12", "2024", "2024-09", "Democrat", "House", "KY", "Morgan McGarvey", "M001220", "mcgarvey.house.gov", "mcgarvey", "https://mcgarvey.house.gov/media/press-releases", "scraper", "WASHINGTON, DC (September 12, 2024) \u2013 Today, Congressman Morgan McGarvey introduced H.R. 9543, the American Sovereign Wealth Fund Exploration Act, which would establish a federal commission to investigate the feasibility of creating a \u201csovereign wealth fund\u201d owned and managed by the United States.\n\n\u201cAmericans deserve a government that doesn\u2019t just lead in the 21st century but plans for the 22nd century,\u201d said Rep. Morgan McGarvey. \u201cWe should consider every potential tool to help ensure the United States remains competitive and meets future challenges. This legislation is the first step to assessing the feasibility of one idea\u2014a sovereign wealth fund for the American people. This could be a tool to help us pay for universal child care, an expanded Child Tax Credit, and so many other policies to help support everyday Americans and invest in our future. I look forward to seeing what the experts think.\u201d\n\nCongressman McGarvey\u2019s American Sovereign Wealth Fund Exploration Act would establish a federal commission housed in the Department of Treasury to investigate and report to Congress, the President, and the American public on what an American sovereign wealth fund could look like.\n\nThe commission would be composed of representatives from the Department of Treasury, Department of Commerce, Securities and Exchange Commission, Federal Reserve, and academia, alongside other experts, and would report on the feasibility and implications of creating and operating a national sovereign wealth fund\u2014including possible sources of revenue into the fund, management logistics, composition of assets of the fund, ownership rights, the usage of the funds and wealth generated, and the impact of the fund on the wider economy. The commission would be required to issue the report within two years.\n\nBACKGROUND:\n\nSovereign wealth funds are government-run investment funds that invest in assets such as stocks, real estate, and bonds and use the proceeds to build national wealth, pay for government expenditures, stabilize a volatile commodity market, or invest in certain industries and economic sectors.\n\nRecently, President Trump and top aides from the Biden administration stated their interest in a federal sovereign wealth fund for the United States. Last week, President Trump floated the idea of such a fund as a mechanism to invest in national projects, possibly financed by increased tariffs on foreign imports. Following this announcement, the Biden White House announced that top aides, including National Security Advisor Jake Sullivan, were eyeing the concept of a sovereign wealth fund to invest in technology, industry, and other areas as a way to strengthen national security and the American economy.\n\nNo current bill in Congress exists. Rep. McGarvey\u2019s bill is the first piece of legislation directly aimed at weighing the creation of an American fund.\n\nThe concept of a sovereign wealth fund is not new. Most recently, the United Kingdom launched a $10 billion National Wealth Fund to invest in British industry. Larger sovereign wealth funds such as those managed by Norway, China, Saudi Arabia, and the United Arab Emirates boast assets of over $1 trillion each. In the U.S., several state-level investment funds already exist such as the Texas Permanent University Fund, the Wisconsin Board of Commissioners of Public Lands fund, and the Oregon Common School Fund - all three of which have existed since the 19th century. Most notably, the Alaska Permanent Fund, funded by Alaska\u2019s oil resources, provides annual dividends to Alaska residents averaging $1,000+ per resident.\n\nThe bill text is linked here.\n\n###", 1, "2026-03-30T01:40:41Z", "2026-04-07T21:43:57Z"]], "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-legislation-to-explore-the-creation-of-an-american-sovereign-wealth-fund"], "units": {}, "query_ms": 2.8932460118085146, "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"}