President Trump signed an executive order on Monday to establish a sovereign wealth fund. What is this fund and what will it be used for?

From Fox News. The U.S. Treasury and Commerce Departments will establish a sovereign wealth fund in accordance with a new executive order President Donald Trump signed on Monday.

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The sovereign wealth fund, a state-owned investment fund with various financial assets like stocks and bonds, could foot the bill for purchasing TikTok, according to Trump.

“We’re going to be doing something perhaps with TikTok, and perhaps not,” Trump told reporters Monday. “If we make the right deal, we’ll do it. Otherwise, we won’t.” …

Countries like Norway and Saudi Arabia utilize sovereign wealth funds, as do multiple U.S. states.

Secretary of the Treasury Scott Bessent said the sovereign wealth fund would be created within the next 12 months. …

Bessent and Commerce Secretary nominee Howard Lutnick are instructed to devise a plan in the next 90 days for the creation of the fund, according to the White House. The proposal will include recommendations on funding mechanisms, investment strategies, fund structure and a governance model.

More details on the sovereign wealth fund were not immediately available, and it’s unclear whether Congress will sign off on it.

However, Trump signaled on the campaign trail in 2024 that he was interested in a sovereign wealth fund, using revenue from tariffs to pour into the wealth fund and then use that money to pay for projects like highways, airports and medical research.

Additionally, Rep. Morgan McGarvey, D-Ky., introduced legislation in September 2024 called the American Sovereign Wealth Fund Exploration Act to research ways to create a sovereign wealth fund in the U.S. …

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(Excerpt from Fox News. Photo Credit: Official White House Photo)