Roll Call - President Donald Trump signed an executive order Monday to begin the process of creating what would be the first U.S. sovereign wealth fund, a government-owned investment vehicle that he said would create “a lot of wealth” for taxpayers... As an example, he said, the fund could become a depository for a partial U.S. ownership stake in the Chinese-owned social media app TikTok, if such a deal materialized. “We might put that in the sovereign wealth fund, or whatever we make,” Trump said. “We might do a partnership with very wealthy people.’
Sovereign wealth funds are prevalent throughout the industrialized and developing world, with the largest ones residing in oil-rich states like Norway, Saudi Arabia and other Persian Gulf nations as well as China, Singapore and Hong Kong.
The largest 100 funds currently manage nearly $14 trillion in assets, according to the Sovereign Wealth Fund Institute. That includes a handful of U.S. states such as Alaska, Texas, New Mexico and others that have set up their own types of government-run funds initially financed by oil, gas and mineral resources. Trump now wants to do the same at the federal level. More
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