An order to create a State Wealth Fund was signed yesterday (3,2.225) by the president, implementing an idea he had formulated during the campaign. “We have enormous potential,” Donald Trump told reporters at the Oval Office yesterday, as he announced this move. The president said this action would assign US Finance Minister Scott Bessend and Howard Lutnik, the candidate for the position of Trade Minister, to lead the effort. Bessend, who accompanied Trump to the oval office, said the fund would be created within the next 12 months, describing the issue as “of great strategic importance”. CORVERSE Trump suggested that the fund could be used to facilitate the sale of TikTok, which is currently operating in the US thanks to an extension he signed extending the deadline for forced sale or closure. Trump’s advisors have previously discussed plans to use the U.S. International Funding Society for cooperation with major institutional bodies to leverage US economic forces. Among those who lead the debate on the use of this Fund both as a state fund and as a tool to radically change America’s approach to external aid are Elon Musk and Stephen Feinberg, the billionaire co-founder of Cerberus Capital Management, whom Trump has proposed as Deputy Defence Minister, according to individuals who know he was close to the president’s transition team before taking office.
Trump signed a decree to create State Wealth Fund
—