HR 7029 IH
110th CONGRESS
2d Session
H. R. 7029
To establish a trust fund to hold new Federal revenue from mineral exploration, development, and production in Alaska and the Outer Continental Shelf in order to reduce the national debt.
IN THE HOUSE OF REPRESENTATIVES
September 23, 2008
Mr. TERRY introduced the following bill; which was referred to the Committee on Natural Resources
A BILL
To establish a trust fund to hold new Federal revenue from mineral exploration, development, and production in Alaska and the Outer Continental Shelf in order to reduce the national debt.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
SEC. 2. NATIONAL DEBT REDUCTION TRUST FUND.
(a) Establishment- There is established in the Treasury of the United States a trust fund to be known as the ‘National Debt Reduction Trust Fund’ (hereinafter in this section referred to as the ‘Trust Fund’), consisting of such amounts as may be appropriated or credited to the Trust Fund as provided for in this section.
(b) Transfers to the Trust Fund- The Secretary of the Treasury shall transfer to the Trust Fund out of the general fund of the Treasury of the United States amounts equivalent to the funds received in the Treasury after January 1, 2009, that the Secretary, in consultation with the Secretary of the Interior, determines are attributable to rents, sales, bonus bids, or royalties under the mineral leasing laws of the United States for the exploration for, development of, or production of oil, natural gas, or oil shale located on Federal lands, including submerged lands, in Alaska or the outer Continental Shelf (as defined in section 2 of the Outer Continental Shelf Lands Act (43 U.S.C. 1331)), where such exploration, development, or production began on or after January 1, 2009.
(c) Expenditures From the Trust Fund for Debt Reduction- The Secretary of the Treasury shall, from time to time, transfer amounts in the Trust Fund to the special account established by section 3113(d) of title 31, United States Code.
U.S. Congress - Text of H.R.7029 as Introduced in House National Debt Reduction Trust Fund Act of 2008
