Trump moves to develop sovereign wealth fund to 'create value for American citizens'
President Donald Trump said Monday he would create a sovereign wealth fund, a pool of assets like those that exist in other countries that can help pay out regular funds to ordinary citizens.
President Donald Trump said Monday he would create a sovereign wealth fund, a pool of assets like those that exist in other countries that can help pay out regular funds to ordinary citizens.
However, full details on how the fund would work were not immediately available. Trump made the announcement in an Oval Office ceremony. He had floated the idea of creating such a fund during his 2024 presidential campaign.
Treasury Secretary Scott Bessent offered brief remarks at the event outlining the fund.
"It will 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.
Trump said Commerce Secretary Howard Lutnick would also be involved in standing up the fund, which could take as long as a year to establish. Lutnick said Monday that the fund could possibly be used to help take over TikTok, though he did not offer details about how such an endeavor would work.
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