A bill establishing a $1 billion annual fund for beach renovations and other storm risk management initiatives was presented by U.S. Representative Jeff Van Drew on Tuesday.Rep. Laura Gillen, D-N.Y., and Van Drew, R-2nd, presented the bill, which would be financed by offshore oil and gas leases.During the bill’s announcement, Van Drew stated, “My bipartisan Coastal Trust Fund Act creates a stable and long-term funding source for coastal storm risk control initiatives like beach replenishment.