(Reuters) -The U.S. Treasury and Commerce departments have formulated plans for a sovereign wealth fund but no final decisions have been made, a White House spokesperson said on Wednesday. “The Administration remains committed to using every tool available to deliver on President Trump’s directive to safeguard America’s national and economic security,” the spokesperson said in […]
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US has plans for sovereign wealth fund but no final decisions made, White House says
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(Reuters) -The U.S. Treasury and Commerce departments have formulated plans for a sovereign wealth fund but no final decisions have been made, a White House spokesperson said on Wednesday.
“The Administration remains committed to using every tool available to deliver on President Trump’s directive to safeguard America’s national and economic security,” the spokesperson said in a statement.
Sovereign wealth funds are investment vehicles owned by countries and most act as an investment account, or as a development tool, or a combination of the two.
President Donald Trump ordered the creation of the fund in February and has previously said revenue earned from tariffs on U.S. imports could form the basis for a wealth fund.
Treasury Secretary Scott Bessent said in February that the plan was to monetize assets currently owned by the U.S. government “for the American people.”
“There’ll be a combination of liquid assets, assets that we have in this country as we work to bring them out for the American people,” he said in February.
(Reporting by Costas Pitas and Steve Holland; Editing by Sonali Paul)