Coastal Trust Fund Act
House Bill Would Create $1B Annual Coastal Trust Fund Backed by Offshore Drilling Fees
Legislative Progress
Key Points
- This bill creates a new national trust fund specifically to help coastal towns prepare for and recover from big storms and hurricanes. It would provide $1 billion every year to pay for projects like building sea walls, restoring sand to eroded beaches, and fixing storm damage.
- The money for this fund would come from the fees and royalties that oil and gas companies pay the government to drill in the ocean. This ensures the program has a steady source of cash without relying entirely on the standard yearly budget process.
- The Army Corps of Engineers would use the money to manage projects that protect shorelines and reduce the risk of flooding. This includes studying new ways to protect the coast, designing better defenses, and maintaining existing projects so they do not fall apart.
- By setting up a dedicated fund, the bill aims to make sure coastal protection is a priority even when the government is making tough budget choices. It also changes budget rules to make it easier for Congress to spend this specific money on coastal safety each year.
Impact Analysis
Personal Impact
Renters in coastal communities would benefit indirectly from stronger storm protections that reduce flooding and storm damage to rental properties. This could help prevent displacement after major storms and may help stabilize rents in vulnerable coastal areas by reducing the frequency of costly storm repairs that landlords pass on to tenants.
State Impacts
Milestones
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.
Sent to a congressional committee for expert review. The committee decides whether this bill moves forward.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
Related News
3 articlesFeds plan fast-track repairs for battered Jersey Shore beaches ahead of summer
Reps. Jeff Van Drew and Laura Gillen announced the Coastal Trust Fund Act to permanently secure $1 billion annually for beach repairs using revenue from offshore drilling. The plan aims to bypass the 'roller-coaster' of yearly budget cycles for the Army Corps of Engineers.
Bill Would Establish $1B Fund For Jersey Shore Beach Protection
The bipartisan Coastal Trust Fund Act, introduced by Rep. Jeff Van Drew (R-NJ) and Rep. Laura Gillen (D-NY), would create a permanent $1 billion annual funding stream for coastal storm risk management projects like beach nourishment, funded by existing offshore energy lease revenues.
South Jersey Beaches Could Get Major Funding Under New Bill
H.R. 7459, the Coastal Trust Fund Act, proposes a dedicated federal funding stream for beach nourishment and dune repair. The bill seeks to treat coastal protection as essential infrastructure by depositing $1 billion annually into a permanent trust fund.
Source Information
Document Type
Congressional Bill
Official Title
Coastal Trust Fund Act
Data Sources
Sponsor
Cosponsors
(3)Analysis generated by AI. Always verify with official sources.