President Trump has instructed his new Treasury and Commerce secretaries to develop a plan for establishing a US sovereign wealth fund. The fund, modeled after those in countries like Norway, China, and Saudi Arabia, aims to promote fiscal sustainability, reduce the tax burden, and enhance the US's economic and strategic standing globally. The secretaries have 90 days to present their proposals.
President Donald Trump has tasked his new treasury and incoming commerce secretaries with developing plans for a U.S.More than 20 states in the U.S. already have their versions of a sovereign wealth fund ,Nations with booming state-owned energy resources and budget surpluses like Norway, China and Saudi Arabia have hundreds of billions, sometimes trillions of dollars in their funds.
In the U.S., energy resources are mostly privatized. More broadly, finding cash to invest would be difficult considering the U.S.
“We are going to monetize the asset side of the U.S. balance sheet for the American people. We are going to put the assets to work," Bessent told reporters in the Oval Office Monday.could undermine the legislative branch's authority over federal spending.
TikTok and its Chinese parent company, ByteDance, did not respond to a request for comment. TikTok and its Chinese parent company ByteDance, have adamantly opposed a sale. The new deadline for TikTok to be sold or banned in the U.S. is April 5, about a month before the secretaries' 90-day deadline to present their plan for the sovereign wealth fund. Then, if Congress chooses to act on those plans, the legislative process would likely take months.
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