• Economy
  • Investing
  • Editor’s Pick
  • Stock
Evil Shark Trades
Stock

Trump moves to develop sovereign wealth fund to ‘create value for American citizens’

by February 4, 2025
by February 4, 2025

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.

“The extraordinary size and scale of the U.S. government and the business it does with companies … should create value for American citizens,” Lutnick said. “If we are going to buy 2 billion Covid vaccines, maybe we should have some warrants and some equity in these companies and have that grow for the help of the American people.”

Norway has the largest sovereign wealth fund in the world. It takes oil revenues and reinvests them in assets like stocks. Its current net worth is equivalent to approximately $325,000 per Norwegian citizen.

Other countries with large sovereign wealth funds include China, Saudi Arabia, Australia, Iran and Russia.

Alaska and Texas also have state-run funds.

A 2024 study from the Carnegie Endowment for International Peace found that without proper safeguards, such as governance and regulatory structures, sovereign wealth funds can turn into ‘conduits of corruption, money laundering, and other illicit activities.’

CORRECTION (Feb. 3, 2025, 8:39 p.m. ET): A previous version of this article misattributed a quotation. Howard Lutnick said the U.S. government’s transactions with companies “should create value for American citizens,” not Scott Bessent.

This post appeared first on NBC NEWS
0 comment
0
FacebookTwitterPinterestEmail

previous post
‘Exciting chapter’: Interior Sec takes aim at Biden oil lease ban, ‘coercive’ climate policies in Day 1 orders
next post
Trump eyes Abraham Accords expansion, Gaza rebuild with Netanyahu meeting on deck

You may also like

Kraft Heinz to remove artificial dyes from U.S....

Trump-branded wireless service launches — with a gold...

Meta is finally bringing ads to WhatsApp

Starbucks moves to the next phase in its...

Trump made millions on guitars, Bibles and watches...

Anne Wojcicki to buy back 23andMe and its...

Trump says national security concerns in Nippon-U.S. Steel...

Howard Schultz says he ‘did a cartwheel’ when...

U.S. online stores put up ‘out of stock’...

U.S. online stores put ‘out of stock’ signs...

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.






    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    Recent Posts

    • Iran warns US joining conflict would mean ‘all-out war,’ refuses demands to give up disputed nuclear program
    • WH maintains Trump consistent in firm stance on Iran nukes — and shows off receipts
    • FBI Director Patel says man who threatened Trump used same message as Comey’s ‘destructive’ Instagram post
    • Trump’s approach to Africa lauded by top Republican as recent airstrikes show ‘outside the box’ thinking
    • Senate hearing on who was ‘really running’ Biden White House kicks off Wednesday

    Categories

    • Economy (6,297)
    • Editor's Pick (3,862)
    • Investing (2,826)
    • Stock (1,338)
    Email Whitelisting About Us Terms & Conditions Privacy Policy Contact Us

    Disclaimer: Evilsharktrades.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 EvilSharkTrades.com


    Back To Top
    Evil Shark Trades
    • Economy
    • Investing
    • Editor’s Pick
    • Stock