President Donald Trump signed an executive order Monday to begin the process of creating what would be the first U.S. sovereign wealth fund, a government-owned investment vehicle that he said would create “a lot of wealth” for taxpayers.
The order directs Treasury Secretary Scott Bessent and Commerce Secretary nominee Howard Lutnick to develop a plan for creating the fund within 90 days. “It’s a very exciting event,” the president said in the Oval Office. “We’re going to have a sovereign wealth fund, which we’ve never had.”
As an example, he said, the fund could become a depository for a partial U.S. ownership stake in the Chinese-owned social media app TikTok, if such a deal materialized. “We might put that in the sovereign wealth fund, or whatever we make,” Trump said. “We might do a partnership with very wealthy people.’
