President Donald Trump signed an executive order Monday ordering the departments of Treasury and Commerce to create a sovereign wealth fund, which is a federally owned investment entity that takes stakes in various financial assets
“We’re going to stand this thing up within the next 12 months,” Treasury Secretary Scott Bessent said. “We’re going to monetize the asset side of the U.S. balance sheet for the American people.”
“I think it’s about time that this country had a sovereign wealth fund,” Trump said. “I think in a short period of time, we’d have one of the biggest funds.”
Trump previously said he could finance the endeavor with “tariffs and other intelligent things” in a speech before the New York Economic Club last September. Although sovereign wealth funds usually run in economies with a surplus, Trump could likely divert some of his…
