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The Guardian - AU
The Guardian - AU
Business
Guardian staff and agencies

What is a sovereign wealth fund and why is Trump creating one now?

Donald Trump United States Scott Bessent TikTok
President Donald Trump signs an executive order in the Oval Office directing the treasury and commerce secretaries to take steps toward creating a sovereign wealth fund for the United States.
President Donald Trump signs an executive order in the Oval Office directing the treasury and commerce secretaries to take steps toward creating a sovereign wealth fund for the United States. Photograph: Chris Kleponis/UPI/REX/Shutterstock

Donald Trump has signed an executive order directing the US treasury and commerce departments to create a sovereign wealth fund. Treasury secretary, Scott Bessent, and Howard Lutnick, the nominee for commerce secretary, will lead the effort.

“We have tremendous potential,” Trump said while signing the order from the Oval Office on Monday. “I think in a short period of time, we’d have one of the biggest funds.”

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