Top advisers have sent US president Trump a plan to create a government-run investment fund but the White House has rejected parts of the proposal, according to sources cited by CBS News. Trump asked Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick to jointly develop a proposal for a US sovereign wealth fund (SWF) by early May.
It has been submitted, multiple sources told CBS News. However, the White House had concerns about the approach taken by Treasury, one of the sources said. Details on the mechanics of the fund continue to be debated, and no announcement is imminent, one source said.
“In accordance with President Trump’s executive order, the Treasury and Commerce Departments have formulated plans for a sovereign wealth fund, but no final decisions have yet been made,” White House spokesperson Kush Desai said in a statement. “The Administration remains committed to using every tool available to deliver on President Trump’s directive to safeguard America’s national and economic security.”
A Treasury spokesperson declined to comment to CBS.