To require natural capital reporting by the Council of Economic Advisors, and for other purposes
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled
SECTION 1. SHORT TITLE.
(a) This Act may be cited as the ‘‘Economic Footprint Act.”
SEC 2: FINDINGS AND PURPOSE.
Congress finds that:
(1) maintaining sustainable stocks of natural capital are recognized by the “National Environmental Policy Act of 1969” (42 U.S.C. § 4331) as being essential toward fulfilling the economic requirements of present and future generations of Americans;
(2) ensuring that demand for natural capital falls within supply is critical to fulfilling policy declared in the “Full Employment and Balanced Growth Act of 1978” (15 U.S.C. § 1021);
(3) the economy of the United States is depleting natural capital as the result of its increased environmental footprint, as indicated by GDP;
(4) that this depletion poses threats to national economic policy as declared in (15 U.S.C. § 1021); including —
(A) Full Employment;
(B) Full Purchasing Power;
(C) Full Production;
(D) Full Productivity;
(E) Price Stability;
(G) International competitiveness of agriculture, business, and industry; and
(H) A balanced federal budget;
(5) that section 1023 of title 15 U.S.C. (15 U.S.C. § 1023) mandates the Council of Economic Advisors to make an annual report to the President reporting on trends, programs, and policies pertaining to the policies declared in section 1021 of title 15;
(6) that the Council of Economic Advisors shall supplement its annual report with chapters dedicated to trends, programs, and policies related to natural capital.
SEC 3. DEFINITIONS.
In this Act:
(1) ACT. — The term “Act” refers to the “National Economic Footprint Act.”
(2) COUNCIL. — The term “Council” refers to the “Council of Economic Advisers.”
(3) REPORT. — The term “Report” refers to the “Annual Report of the Council of Economic Advisers.”
(4) NATURAL CAPITAL — The term “Natural Capital” refers to durable physical or biological elements of nature that persist through time and contribute to current or future economic production, production, income, in-kind or implicit income, or future economic opportunities.
(5) STOCKS — The term “Stocks” refers to durable, physical elements of nature that can provide services either through harvest or through their regular functioning in the natural environment.
(6) ENVIRONMENTAL FOOTPRINT. — The term “Environmental Footprint” refers to the natural capital that an economy requires to produce ecosystem services and absorb its waste.
(7) BIOCAPACITY. — The term “Biocapacity” refers to the supply and productivity of natural capital, including its ability to regenerate and assimilate waste.
(8) FRONTLINE AND VULNERABLE COMMUNITY. — The term ‘‘Frontline and Vulnerable Community’’ means a community in which climate change, pollution, or environmental destruction have exacerbated systemic racial, regional, social, environmental, and economic injustices.
SEC 4. AMENDMENTS TO SECTION 1023 OF TITLE 15, U.S.C.
(a) GENERAL RULE.— Section 1023 of title 15, United States Code is amended by inserting after subsection (d) the following new paragraphs;
“(1) One chapter of the report shall analyze and interpret trends, both current and prospective, related to;
(A) physical measures of levels and changes in the stocks of natural capital;
(B) physical measures of the environmental footprint of the economy; and
(C) physical measures of the biocapacity of the United States.
(2) One chapter of the report shall analyze and interpret the chapter established by subparagraph (A) for the purpose of determining how such developments and trends are interfering, or are likely to interfere, with the achievement of policies established in (15 USC 1021).
(3) One chapter of the report shall appraise the various programs and activities of the Federal Government for the purpose of determining how they are interfering with trends as detailed in subparagraphs (A) through (C) so as to interfere, or are likely to interfere, with the achievement of policies established in (15 USC 1021).
(4) One chapter should develop and recommend to the President national economic policies that will affect the trends as detailed in paragraphs (1) through (3) so as to achieve the policies established in (15 USC 1021).
(b) In developing and updating the chapters required under paragraph (1), the Council shall;
(1) account for all economically relevant biophysical factors, including
(A) Fossil Fuels;
(B) Metals and Minerals;
(D) Solar Energy;
(F) Biotic and other renewable resources;
(G) Ecosystem services;
(H) Waste Absorption Capacity; and
(I) Other natural capital that the Council determines to be relevant.
(2) account for disruption risks to the United States Economy, including with respect to;
(B) Purchasing Power;
(E) Price stability;
(F) Trade balance;
(G) International competitiveness; and
(H) Other Macroeconomic Conditions that the Council determines to be relevant.
(3) collaborate with the Secretary of the Interior to develop consistent analytic tools and data.
(4) consult with representatives of frontline and vulnerable communities to ensure that diverse economic, social, environmental, and cultural perspectives are represented in the Council’s analysis.