Energy for America’s Economic Future Act

In this Act:

The term Fund means the Debt Reduction Fund established under subsection (b).

The term Secretary means the Secretary of the Treasury.

The term total revenue means all initial bid amounts collected at the time of an oil or gas lease sale, including royalties, rental payments, and fees accrued over the life of the lease.

There is established in the Treasury of the United States a fund, to be known as the Debt Reduction Fund.

Notwithstanding any other provision of law, effective beginning on the date that is 100 days after the date of enactment of this Act, 25 percent of the total revenue generated by an onshore or offshore Federal oil and gas lease sale conducted under the Mineral Leasing Act (30 U.S.C. 181 et seq.) or the Outer Continental Shelf Lands Act (43 U.S.C. 1331 et seq.), as applicable, shall be deposited into the Fund.

Subject to paragraph (2), any amounts deposited into the Fund shall be used solely to reduce the principal of the Federal debt.

Not later than the last day of each fiscal quarter, the Secretary shall apply all amounts deposited into the Fund solely towards reduction of outstanding Treasury securities held by the public, or other debt instruments.

Not later than 1 year after the date of enactment of this Act, and quarterly thereafter, the Secretary shall submit to Congress a report detailing the amounts deposited into the Fund that were applied in accordance with subsection (d), specifying—

(1) the Treasury securities or other debt instruments redeemed; and

(2) the associated reduction in total Federal debt.