Trump Signs Executive Action to Create Sovereign Wealth Fund
- Fund could be used as US facilitates TikTok sale, Trump says
- Bessent says fund will be created in the next 12 months
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President Donald Trump signed an executive action he said would direct officials to create a sovereign wealth fund for the US, following through on an idea he floated during the presidential campaign.
“We have tremendous potential,” Trump told reporters in the Oval Office on Monday as he announced the move. The president said the action would charge Treasury Secretary Scott Bessent and Howard Lutnick, the nominee for Commerce secretary, with spearheading the effort.