Commerce and Tourism

This resolution (SM 1488) is a non-binding request urging Congress to create a framework for a U.S. sovereign wealth fund. It does not establish the fund itself but asks lawmakers to develop a structure for one, which would be a government-owned investment vehicle. The resolution directly affects Congress, as it calls on them to take action, though it does not specify how the fund would operate or who would be impacted by it if created. It focuses solely on initiating the process of building a framework, not on implementing specific policies.

Corporate Actions; Providing that a defective corporate action is not void or voidable in certain circumstances; requiring the board of directors to take certain action to ratify a defective corporate action; providing quorum and voting requirements for the ratification of certain defective corporate actions; requiring that notice be given to shareholders of certain corporate action taken by the board of directors; providing that notice is not required for holders of certain shares whose identities or addresses for notice cannot be determined, etc.

Spaceports; Urging Congress to add spaceports as a qualified tax-exempt category of private activity bonds, etc.

Financial Assistance for Rural Areas of Opportunity; Prohibiting certain agency agreements from requiring the expenditure of funds before reimbursement; authorizing agencies to undertake certain actions, etc.

Trade; Urging Congress to expeditiously renew trade promotion authority for the executive branch, urging the executive branch to negotiate a comprehensive and mutually beneficial free trade agreement between the United States and the United Kingdom, and urging Congress to ratify such agreement, etc.