Trump Signs Executive Action to Create Sovereign Wealth Fund (1)

President Donald Trump signed an executive action he said would direct officials to create a sovereign wealth fund for the US, following through on an idea he floated during the presidential campaign.

“We have tremendous potential,” Trump told reporters in the Oval Office on Monday as he announced the move. The president said the action would charge Treasury Secretary Scott Bessent and Howard Lutnick, the nominee for Commerce secretary, with spearheading the effort.

Donald Trump signs an executive order during a ceremony with Scott Bessent, left, and Howard Lutnick, right, in the Oval Office of the White House on Feb. 3.

Photographer: Chris Kleponis/CNP/Bloomberg

Bessent, who joined Trump at the Oval Office, said the fund would be created in the next 12 months, calling it an issue “of great ...