Referred to the Committee on Transportation and Infrastructure, and in addition to the Committees on Natural Resources, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
This bill establishes a new Coastal Storm Risk Management Trust Fund to pay for coastal protection projects managed by the U.S. Army Corps of Engineers. The fund will receive $1 billion annually from federal revenues generated by offshore oil and gas leases on the Outer Continental Shelf, plus any investment earnings, with all funds remaining available until spent. The legislation directs the Treasury Department to administer the fund and allows the Corps of Engineers to use appropriated amounts for construction, maintenance, repair, and periodic restoration of congressionally authorized coastal storm risk management projects such as hurricane and storm damage reduction and shoreline protection. The bill requires the Secretary of the Army to submit annual budget requests equal to the fund's projected balance and to report yearly to Congress on how the money was spent and what remains unobligated. The legislation also adjusts federal budget rules to ensure that appropriations from this fund are treated appropriately for deficit control purposes.
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