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Trump Puts Wealth Fund on Back Burner as Ambitions Hit Limits

US President Donald Trump during a cabinet meeting at the White House on April 30. 

Photographer: Ken Cedeno/UPI/Bloomberg 

Takeaways

President Donald Trump has put his plan to create a sovereign wealth fund on the back burner after three months of administration deliberations failed to offer the broad investment flexibility he seeks, people familiar with the matter said.

When he ordered his administration in February to come up with detailed plans, Trump said he wanted “one of the biggest” such funds in the world, suggesting it could be backed by monetizing vast government assets and used to back strategic projects in areas like critical minerals or take stakes in companies like TikTok. He also said it could earn enough to help reduce the national debt. At the time, Treasury Secretary Scott Bessent said the fund could be up and running in 12 months.