,i  #aai? ,,congress  #a/ ,session  ,h4 
,r4 #caaf  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,april #cj1 #bjbe,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 ! ,*air ( ! ,f$]al ,res]ve %all  
e/abli% a commission to be kn[n z !     
,commission on ,explor+ ! ,creation ( a 
,sov]eign ,weal? ,fund ( ! ,unit$ ,/ates
 79 ?is ,act ref]r$ to z ! ,commission7 
to /udy & make recomm5dations to        
,congress 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 #f repres5tatives f ! ,bo>d
 ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em  
or a ,f$]al res]ve bank1 appo9t$ by !   
,*air ( ! ,f$]al ,res]ve4  7#b7 #c      
repres5tatives f ! ,dep>tm5t ( !        
,treasury1 appo9t$ by ! ,secret>y ( !   
,treasury4  7#c7 #c repres5tatives f !  
,securities & ,ex*ange ,commission1     
appo9t$ by ! ,*airman ( ! ,securities & 
,ex*ange ,commission4  7#d7 #b          
repres5tatives f ! ,dep>tm5t ( ,comm]ce1
 appo9t$ by ! ,secret>y ( ,comm]ce4     
7#e7 #a repres5tative f ! ,(fice ( !    
,unit$ ,/ates ,trade ,repres5tative1    
appo9t$ by ! ,unit$ ,/ates ,trade       
,repres5tative4  7#f7 #aj repres5tatives
 f academia or exp]ts 9 ! fields (      
economics1 monet>y policy1 fiscal       
policy1 inve/m5t policy1 social policy1 
indu/rial policy1 or o!r aspects involv+
 sov]eign weal? funds1 appo9t$ by !     
,*air ( ! ,f$]al ,res]ve4  7c7 ,t]ms &  
vacancies  7#a7 ,t]ms ,a memb] ( !      
,commission %all be appo9t$ = 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 limitations1
 & implications ( creat+ & op]at+ a     
sov]eign weal? fund ( ! ,unit$ ,/ates 79
 ?is ,act ref]r$ to z ! ,fund71         
includ+-- 7,a7 s\rces ( rev5ue into !   
,fund1 su* z-- 7i7 natural res\rces2    
7ii7 exi/+ assets own$ by ! ,f$]al      
,gov]nm5t2  7iii7 royalties2  7iv7 taxes
 & levies2  7v7 t>iffs & duties2  7vi7  
=eign ex*ange res]ves2  7vii7 borr[$    
money1 deficit sp5d+1 bond issuance2    
7viii7 budget>y surpluses2  7ix7 private
 contributions2  7x7 =eign              
contributions2 &  7xi7 o!r rev5ue       
/reams2  7,b7 composition ( ! ,fund &   
:i* assets w\ld be atta9able by ! ,fund 
= hold+s1 su* z-- 7i7 dome/ic &         
int]national hold+s (-- 7,i7 /ocks &    
equities2  7,,ii7 bonds1 debts1 & o!r   
fix$ income2  7,,iii7 real e/ate1       
infra/ructure1 commodities1 & o!r       
assets2  7,,iv7 private equity2  7,v7   
ca% & curr5cy res]ves2  7,,vi7 o!r weal?
 g5]at+ v5tures2 &  7,,vii7 o!r v5tures 
( /rategic importance2 &  7ii7          

limitations on :i* assets to inve/ 92   
7,c7 usage ( funds & weal? g5]at$ by !  
sov]eign weal? fund =-- 7i7 g5]al       
rev5ue2  7ii7 exi/+ gov]nm5t programs2  
7iii7 divid5ds or direct paym5ts2  7iv7 
economic & curr5cy /abilization2  7v7   
public inve/m5t2  7vi7 infra/ructure &  
o!r developm5t2  7vii7 social programs &
 o!r social sp5d+2  7viii7 debt         
r$uction2  7ix7 inve/m5t 9 critical     
te*nologies & indu/ries2 &  7x7 o!r     
possible uses 9 ! national int]e/2  7,d7
 managem5t & op]ational logi/ics ( !    
,fund bas$ on ! ,sov]eign ,weal? ,funds3
 ,g5]ally ,accept$ ,pr9ciples &         
,practices 7,,gapp7 or ,santiago        
,pr9ciples publi%$ by ! ,int]national   
,work+ ,gr\p ( ,sov]eign ,weal? ,funds1 
includ+-- 7i7 gov]nance & p]sonnel      
/ructure2  7ii7 legal framework2  7iii7 
political indep5d5ce2  7iv7 ov]sight1   
acc\ntability1 & transp>5cy2  7v7 e?ics2
  7vi7 own]%ip rights & h[ !y w be      
ex]cis$2  7vii7 h[ inve/m5ts & )drawals 
w\ld be det]m9$2  7viii7 int]actions )  

o!r ,f$]al dep>tm5ts & ag5cies2  7ix7   
acc\nt+ que/ions ( :]e & h[ ! funds w\ld
 be /or$2 &  7x7 h[ ! ,fund w\ld op]ate 
9 a loss2  7,e7 project$ outcomes &     
plausible sc5>ios ( ! ,fund1 includ+--  
7i7 pr(itability2 &  7ii7 o!r /rategic  
outcomes2 &  7,f7 implications ( !      
op]ation & usage ( ! sov]eign weal? fund
 on ! foll[+1 & ! impact ( su* foll[+   
items on ! sov]eign weal? fund1         
includ+-- 7i7 ! g5]al fiscal balance ( !
 ,unit$ ,/ates2  7ii7 curr5cy           
appreciation or depreciation2  7iii7    
ex*anges rates2  7iv7 /ock m>ket2  7v7  
weal? inequality2  7vi7 economic gr[? & 
gross dome/ic product2  7vii7 inflation2
  7viii7 ! real e/ate m>ket & h\s+      
af=dability2  7ix7 f9ancial /ability2   
7x7 political int]f]5ce2  7xi7          
protectionism1 t>iffs1 & retaliatory    
t>iffs2  7xii7 corruption2  7xiii7      
national security2 &  7xiv7 any o!r     
relevant aspect4  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 detail$ recomm5dations
 = legislative action4  7#c7 ,! report  
may include any m9ority views or        
op9ions4