New $1B annual fund would direct oil and gas revenue to coastal storm defense

What does this do?

HR 7459 establishes the Coastal Storm Risk Management Trust Fund, depositing $1 billion annually from existing federal oil and gas royalties collected on the Outer Continental Shelf. The money would be reserved exclusively for coastal storm protection projects approved by Congress and managed by the U.S. Army Corps of Engineers. Unspent funds would earn interest, and the Army Secretary would report to Congress yearly on expenditures.

Who does it affect?

People living along U.S. coastlines in hurricane- and storm-prone regions, including the Gulf Coast, Atlantic Coast, and Pacific shorelines, are the most directly affected. Local governments in those areas would also be affected, as the fund would cover the federal share of qualifying protection project costs.

Why does it matter?

Establishing a dedicated fund with mandatory annual deposits could provide a more predictable and protected source of financing for coastal infrastructure work. The bill also modifies existing federal budget rules so that fund spending is accounted for separately and does not trigger automatic cuts under deficit control laws.

What does it cost, and who pays?

• $1B deposited annually
• Sourced from existing OCS royalties
• No new taxes or fees created

Where does it stand?