,i  #aah? ,,congress  #b;d ,session  ,h4
 ,r4 #iedc  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,septemb] #aa1        
#bjbd,mr4 ,mc,garvey introduc$ ! foll[+ 
bill2 :i* 0 ref]r$ to ! ,committee on   
,f9ancial ,s]vices  ,a ,,bill  ,to      
e/abli% a commission to /udy ! creation 
( a national sov]eign weal? fund by !   
,unit$ ,/ates1 & = o!r purposes4  #a4   
,%ort title ,?is ,act may be cit$ z !   
,am]ican ,sov]eign ,weal? ,fund         
,exploration ,act4  #b4 ,commission on  
explor+ ! creation ( a sov]eign weal?   
fund ( ! ,unit$ ,/ates  7a7 ,e/abli%m5t 
,n lat] ?an #ij days aft] ! date ( !    
enactm5t ( ?is ,act1 ! ,secret>y ( !    
,treasury %all e/abli% a commission to  
be kn[n z ! ,commission on ,explor+ !   
,creation ( a ,sov]eign ,weal? ,fund ( !
 ,unit$ ,/ates 79 ?is ,act ref]r$ to z !
 ,commission7 to /udy & make            
recomm5dations to ,congress & to !      
,presid5t ab\t ! creation ( a national  
sov]eign weal? fund own$ & manag$ by !  
,unit$ ,/ates4  7b7 ,memb]%ip ,!        

,commission %all be compos$ ( ! foll[+  
memb]s3 7#a7 #i repres5tatives f !      
,dep>tm5t ( ! ,treasury1 appo9t$ by !   
,secret>y ( ! ,treasury4  7#b7 #c       
repres5tatives f ! ,dep>tm5t ( ,comm]ce1
 appo9t$ by ! ,secret>y ( ,comm]ce4     
7#c7 #c repres5tatives f ! ,securities &
 ,ex*ange ,commission1 appo9t$ by !     
,*airman ( ! ,securities & ,ex*ange     
,commission4  7#d7 #c repres5tatives f !
 ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve   
,sy/em or a ,f$]al res]ve bank1 appo9t$ 
by ! ,*airman ( ! ,f$]al ,res]ve4  7#e7 
#g repres5tatives f academia or exp]ts 9
 ! fields ( economics1 monet>y policy1  
fiscal policy1 inve/m5t policy1         
indu/rial policy1 or o!r aspects involv+
 sov]eign weal? funds1 appo9t$ by !     
,secret>y ( ! ,treasury4  7c7 ,t]ms &   
vacancies  7#a7 ,t]ms ,a memb] ( !      
,commission %all be appo9t$ = a t]m ( #b
 ye>s4 ,a memb] may be reappo9t$ = su*  
additional #b-ye> t]m z ! individual    
appo9t+ su* memb] det]m9es appropriate4 
7#b7 ,vacancies ,! relevant individual  

appo9t+ ea* memb] %all fill a vacancy 9 
! ,commission 9 ! same mann] z ! orig9al
 appo9tm5t n lat] ?an #cj days aft] su* 
vacancy occurs4  7d7 ,meet+s  7#a7      
,frequ5cy ,! ,commission %all meet n    
less frequ5tly ?an once a qu>t]4 ,!     
,commission %all meet )9 #fj days ( !   
appo9tm5t ( all memb]s4  7#b7           
,subcommittees ,! ,commission may =m    
subcommittees1 :i* %all meet z (t5 z    
requir$4  7#c7 ,quorum ,a majority ( !  
memb]s ( ! ,commission %all con/itute a 
quorum4  7e7 ,*airp]son ,memb]s ( !     
,commission %all select a ,*airp]son f  
among ! memb]s ( ! ,commission4 ,if !   
position ( ,*airp]son becomes vacant1 ! 
memb]s ( ! ,commission %all select a new
 ,*airp]son n lat] ?an #cj days aft] !  
date on :i* ! position became vacant4   
7f7 ,inve/igation ,! ,commission %all   
conduct an inve/igation t includes !    
foll[+3 7#a7 ,an exam9ation ( !         
feasibility1 consid]ations1 &           
implications ( creat+ & op]at+ a        
sov]eign weal? fund ( ! ,unit$ ,/ates1  

includ+-- 7,a7 s\rces ( rev5ue into !   
fund1 su* z-- 7i7 natural res\rces2     
7ii7 exi/+ assets own$ by ! ,f$]al      
,gov]nm5t2  7iii7 taxes & levies2 &     
7iv7 borr[$ money1 deficit sp5d+1 bond  
issuance1 & o!r me*anisms2  7,b7        
managem5t logi/ics1 su* z-- 7i7 !       
creation & composition ( an indep5d5t   
bo>d or commission to adm9i/] ! funds2  
7ii7 h[ inve/m5ts w\ld be det]m9$2 &    
7iii7 :e!r & h[ ! fund w\ld be subject  
to audits1 reports1 transp>5cy1 & o!r   
acc\ntability me*anisms2  7,c7          
composition ( ! fund & :i* assets w\ld  
be atta9able by ! fund1 su* z-- 7i7     
dome/ic & int]national hold+s (-- 7,i7  
/ocks2  7,,ii7 bonds2  7,,iii7 real     
e/ate2 &  7,,iv7 o!r weal? g5]at+       
v5tures2 &  7ii7 limitations on :i*     
assets to inve/ 92  7,d7 own]%ip rights 
9 ! assets & h[ ^! w\ld be ex]cis$1     
includ+ )drawals2  7,e7 usage ( funds & 
weal? g5]at$ by ! sov]eign weal? fund   
=-- 7i7 g5]al rev5ue2  7ii7 exi/+       
gov]nm5t programs2 &  7iii7 divid5ds or 

direct paym5ts2 &  7,f7 implications ( !
 op]ation & usage ( ! sov]eign weal?    
fund on-- 7i7 ! g5]al fiscal balance ( !
 ,unit$ ,/ates2  7ii7 dome/ic & =eign   
weal? inequality2  7iii7 economic gr[? &
 gross dome/ic product2  7iv7 inflation2
  7v7 ! real e/ate m>ket2  7vi7 f9ancial
 /ability2  7vii7 political int]f]5ce2  
7viii7 protectionism & trade w>s2  7ix7 
asset prices2  7x7 ex*ange rates2  7xi7 
corruption2  7xii7 national security2 & 
7xiii7 any o!r aspect ( ! economy4  7#b7
 ,a solicitation ( views ( all p>ties   
conc]n$ ) creation ( a sov]eign weal?   
fund ( ! ,unit$ ,/ates4  7#c7 ,an       
evaluation ( ! advisability ( proposals 
& curr5t arrangem5ts ) respect to any   
issues s id5tifi$4  7g7 ,p[]s  7#a7 ,9  
g5]al ,! ,commission may hold su* he>+s1
 sit1 & act at su* times & places1 take 
su* te/imony1 & receive su* evid5ce z ! 
,commission consid]s appropriate to p]=m
 ! inve/igation describ$ 9 subsection   
7f74  7#b7 ,detail ( f$]al employees ,^u
 reque/ ( ! ,commission1 ! head ( an    

ag5cy t appo9ts a memb] "u subsection   
7b7 may detail1 on a reimbursable basis1
 any ( ! p]sonnel ( _! respective       
dep>tm5t or ag5cy to ! ,commission to   
assi/ ! ,commission to p]=m !           
inve/igation describ$ 9 subsection 7f74 
7#c7 ,exp]ts & consultants ,!           
,commission may procure su* tempor>y &  
int]mitt5t s]vices f exp]ts &           
consultants z are necess>y to enable !  
,commission to p]=m ! inve/igation      
describ$ 9 subsection 7f74  7#d7 ,use ( 
! po/al s]vice ,! ,commission may use ! 
,unit$ ,/ates po/al s]vice 9 ! same     
mann] & "u ! same conditions z o!r      
,f$]al ag5cies4  7#e7 ,obta9            
adm9i/rative support ,^u reque/ ( !     
,commission1 ! ,adm9i/rator ( ,g5]al    
,s]vices %all make available to !       
,commission1 at a normal r5tal rate =   
,f$]al ag5cies1 su* assi/ance &         
facilities z may be necess>y = !        
,commission to p]=m ! inve/igation      
describ$ 9 subsection 7f74  7#f7        
,contract au?ority ,! ,commission may   

ent] into contracts ) & comp5sate !     
,f$]al ,gov]nm5t1 ,/ate & local         
gov]nm5ts1 private entities1 or         
individuals to enable ! ,commission to  
p]=m ! inve/igation describ$ 9          
subsection 7f74  7#g7 ,comp5sation ,!   
,*airp]son ( ! ,commission1 9 accordance
 ) rules agre$ ^u by ! ,commission1 %all
 appo9t & fix ! comp5sation ( a /aff    
director & su* o!r p]sonnel z may be    
necess>y to enable ! ,commission to p]=m
 ! inve/igation describ$ 9 subsection   
7f71 )\t reg>d to ! provisions ( title  
#e1 ,unit$ ,/ates ,code1 gov]n+         
appo9tm5ts 9 ! competitive s]vice1 & )\t
 reg>d to ! provisions ( *apt] #ea &    
sub*apt] ,,iii ( *apt] #ec ( su* title  
relat+ to classification & ,g5]al       
,s*$ule pay rates1 except t no rate (   
pay fix$ "u ?is subsection may exce$ !  
equival5t ( t payable to a p]son occupy+
 a position at level ,v ( ! ,executive  
,s*$ule "u section #ecaf ( su* title4   
7#h7 ,travel exp5ses ,memb]s ( !        
,commission %all be all[$ travel        

exp5ses1 includ+ p] diem 9 lieu (       
subsi/5ce1 at rates au?oriz$ = employees
 "u sub*apt] ,i ( *apt] #eg ( title #e1 
,unit$ ,/ates ,code1 :ile away f _!     
homes or regul> places ( bus9ess 9 !    
p]=mance ( s]vices = ! ,commission4  7h7
 ,report ,n lat] ?an #b ye>s aft] ! date
 ( ! fir/ meet+ ( ! ,commission1 !      
,commission %all submit to ! public1 !  
,presid5t1 relevant ,f$]al ag5cies1 &   
relevant ,congressional committees1 z   
det]m9$ by ! ,commission1 a report t    
includes ! foll[+3 7#a7 ,! f9d+s ( !    
inve/igation describ$ 9 subsection 7f74 
7#b7 ,recomm5dations1 bas$ on su* f9d+s1
 :i* %all include-- 7,a7 recomm5dations 
= legislative action2 &  7,b7           
recomm5dations = guidance1 regulations1 
& o!r adm9i/rative rulemak+ = ! relevant
 ,f$]al dep>tm5ts & ag5cies1 z det]m9$  
by ! ,commission4  7#c7 ,! report may   
include any m9ority views or op9ions4