President Trump's Executive Order on Sovereign Wealth Fund
President Trump signed an executive order calling for the creation of a sovereign wealth fund, tasking his administration with starting an investment vehicle typically found in countries with much better fiscal health than the United States.
The order instructs the Treasury and Commerce Departments to develop a plan within 90 days for establishing the fund. Sovereign wealth funds are popular in oil-rich countries like Norway and Saudi Arabia, which use them to invest large budget surpluses in projects around the world.
The order also mentions the possibility of using the fund to purchase TikTok, the popular social media app that the Trump administration has tried to salvage from a congressionally approved ban.
"I have the right to do that, and we might put that in the sovereign wealth fund, whatever we make, or if we do a partnership with very wealthy people, a lot of options, but we could put that as an example in the fund," Mr. Trump said of buying TikTok.
However, it is unclear whether the administration has the legal authority to use the fund for this purpose.
9 Comments
Manolo Noriega
Using taxpayer money to invest in something like TikTok? This is just a diversion from real economic issues.
Fuerza
How can we trust this administration to manage a sovereign wealth fund when they can't seem to manage basic governmental functions?
Manolo Noriega
Investing in our nation’s future with large-scale projects is exactly what we need right now!
Ongania
This could put America on the map in terms of strategic investments in tech and other sectors.
Manolo Noriega
A sovereign wealth fund could help generate funds for critical programs without relying solely on taxpayer money.
Coccinella
If we have the right team in charge, this could create jobs and innovative opportunities for everyone.
Muchacha
Creating a sovereign wealth fund sounds great in theory, but the U.S. is not in a position to have one. Our fiscal health is far from ideal!
Bella Ciao
Investing through a sovereign wealth fund could provide new avenues for growth and revenue!
Comandante
I applaud this initiative! It shows a forward-thinking approach to managing national wealth.