As per a recent report from Reuters, U.S. President Donald Trump has signed an executive order on Monday ordering the U.S. Treasury and Commerce Departments to create a sovereign wealth fund.

“We have huge potential,” Trump remarked on Monday in the Oval Office, as he unveiled the new initiative. He shared that Treasury Secretary Scott Bessent and Commerce Secretary nominee Howard Lutnick would take charge of the effort. Bessent, standing alongside Trump, emphasized that the fund would be established within the next 12 months, calling it a key issue of “great strategic importance.”

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