The United States government has announced plans to establish a sovereign wealth fund aimed at maximizing the stewardship of national wealth for the benefit of American citizens. The initiative seeks to promote fiscal sustainability, reduce tax burdens on families and small businesses, ensure economic security for future generations, and enhance U.S. economic and strategic leadership globally.
According to the directive, "the Secretary of the Treasury and the Secretary of Commerce, in close coordination with the Assistant to the President for Economic Policy," are tasked with developing a plan for this fund. They are required to submit their proposal to the President within 90 days from February 3, 2025. This plan will include recommendations on funding mechanisms, investment strategies, fund structure, governance model, and an evaluation of legal considerations that may necessitate new legislation.
The order also specifies that it should not interfere with existing authorities or functions granted by law to executive departments or agencies. It emphasizes compliance with applicable laws and notes that its implementation is subject to available appropriations.
This announcement underscores a significant policy move by the federal government aimed at leveraging national resources for long-term benefits while maintaining adherence to legal frameworks.
