1 March 2025

America Needs a Sovereign Wealth Fund

Steve Bowsher and Sarah Sewall

In January 2025, shortly after being inaugurated, U.S. President Donald Trump signed an order calling for the creation of a U.S.-owned sovereign wealth fund. An SWF, Trump said, would “promote the long-term financial health and international leadership of the United States” through direct investment in “great national endeavors,” such as manufacturing and medical research. Although unmentioned by the administration, an SWF could also help maintain the United States’ technological superiority over China.


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