The Smartest Investors Club
  • Business
  • Politics
  • Investing
  • World
  • Business
  • Politics
  • Investing
  • World

The Smartest Investors Club

Business

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

by February 4, 2025
February 4, 2025
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.

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
FacebookTwitterGoogle +Pinterest
previous post
Trump’s Trade Tactics Shake Up Global Commodities Markets
next post
Trump eyes Abraham Accords expansion, Gaza rebuild with Netanyahu meeting on deck

You may also like

A key to Biden’s lagging wind energy goal...

Cut from projects, dropped by agents: How the...

Fed’s key inflation measure cooled slightly from a...

U.S. jury finds realtors liable for inflating commissions,...

Coca-Cola recalled 2,000 cases of drinks due to...

Netflix to stream WWE’s ‘Raw’ starting next year...

Jeff Bezos discloses plan to sell up to...

Sixteen Nobel Prize-winning economists warn a second Trump...

Warren Buffett’s Berkshire Hathaway sold nearly half its...

Why Detroit’s Big Three are fighting to dominate...

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • Vance says India-Pakistan conflict ‘none of our business’ as Trump offers US...

    • Trump pushes tax hikes for wealthy as ‘big, beautiful bill’ deadline looms

    • US and other allies of Ukraine pile pressure on Putin, threatening fresh sanctions if he refuses 30-day truce

    • OpenAI’s Sam Altman thanks Sen John Fetterman for ‘normalizing hoodies’

    • Former Supreme Court Justice David Souter dead at 85

    Categories

    • Business (1,633)
    • Investing (4,791)
    • Politics (7,541)
    • World (6,130)
    • Terms & Conditions
    • Privacy Policy
    • About us

    Disclaimer: thesmartestinvestorsclub.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 thesmartestinvestorsclub.com | All Rights Reserved


    Back To Top