{"id":24077,"date":"2025-05-07T23:10:26","date_gmt":"2025-05-07T23:10:26","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/bessent-and-lutnick-sent-plan-for-u-s-sovereign-wealth-fund-but-white-house-has-pushed-back\/"},"modified":"2025-05-07T23:10:26","modified_gmt":"2025-05-07T23:10:26","slug":"bessent-and-lutnick-sent-plan-for-u-s-sovereign-wealth-fund-but-white-house-has-pushed-back","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/bessent-and-lutnick-sent-plan-for-u-s-sovereign-wealth-fund-but-white-house-has-pushed-back\/","title":{"rendered":"Bessent and Lutnick sent plan for U.S. sovereign wealth fund \u2014 but White House has pushed back"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div id=\"\">\n<p>Top advisers have sent President Trump a plan to create a government-run investment fund, a request the president made earlier this year \u2014 but the White House has rejected parts of the proposal, CBS News has learned.<\/p>\n<p>Mr. Trump asked Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick to jointly develop a proposal for a U.S. sovereign wealth fund by early May.\u00a0<\/p>\n<p>It has been submitted, multiple sources told CBS News on Wednesday. However, the White House had concerns about the approach taken by Treasury, one of the sources said.\u00a0<\/p>\n<p>Details on the mechanics of the fund continue to be debated, and no announcement is imminent, one source said.\u00a0<\/p>\n<p>&#8220;In accordance with President Trump&#8217;s executive order, the Treasury and Commerce Departments have formulated plans for a Sovereign Wealth Fund, but no final decisions have yet been made,&#8221; White House spokesperson Kush Desai said in a statement. &#8220;The Administration remains committed to using every tool available to deliver on President Trump&#8217;s directive to safeguard America&#8217;s national and economic security.&#8221;<\/p>\n<p>Trump has teased a &#8220;very big announcement&#8221; before he leaves for the Middle East next week, but it&#8217;s unrelated to the proposed sovereign wealth fund, two sources said. &#8220;It&#8217;s going to be a truly earth-shattering and positive development for this country and for the people of this country,&#8221; he said in the Oval Office on Tuesday.<\/p>\n<p>Mr. Trump has not determined how proceeds from the sovereign wealth fund would be spent, sources said. In the past, he has suggested the fund could own a stake in TikTok, the popular social media platform that faces a U.S. ban unless China-based parent company ByteDance divests from it.<\/p>\n<p>Sovereign wealth funds typically invest assets from a country&#8217;s natural resources with an aim to make returns that would provide a public windfall. Some of the best-known funds are financed by revenue from gas or oil, including Saudi Arabia&#8217;s Public Investment Fund and Norway&#8217;s sovereign wealth fund. These funds can help insulate countries from swings in the value of natural resources, <a href=\"https:\/\/www.ifswf.org\/what-is-a-sovereign-wealth-fund\/savings-funds\" target=\"_blank\" rel=\"nofollow noopener\">provide funds for government expenditures<\/a> and allow <a href=\"https:\/\/www.ifswf.org\/what-is-a-sovereign-wealth-fund\/savings-funds\" target=\"_blank\" rel=\"nofollow noopener\">future generations<\/a> to benefit from current oil and gas revenue.<\/p>\n<p>In February, Mr. Trump issued an executive order that directed the Treasury and Commerce secretaries, in close coordination with the National Economic Council&#8217;s Kevin Hassett, to draft a plan for the sovereign wealth fund within 90 days.\u00a0<\/p>\n<p>&#8220;Such plan shall include recommendations for funding mechanisms, investment strategies, fund structure, and a governance model,&#8221; the order stated. &#8220;The plan shall also include an evaluation of the legal considerations for establishing and managing such a fund, including any need for legislation.&#8221;\u00a0<\/p>\n<p>    <!-- data-recirc-source=\"queryly\" --><\/p>\n<aside class=\"component list recirculation component--type-recirculation \">\n        <\/aside>\n<p>    <!-- tags --><\/p>\n<div class=\"content-author\">\n      <a href=\"https:\/\/www.cbsnews.com\/team\/jennifer-jacobs\/\" class=\"content-author__name\" data-invalid-url-rewritten-http=\"\">Jennifer  Jacobs<\/a><\/p>\n<div class=\"content-author__bio\">\n<div class=\"content-author__full-information\">\n<p class=\"content-author__text\">Jennifer Jacobs is a senior White House reporter at CBS News.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cbsnews.com\/news\/sovereign-wealth-fund-trump-administration-white-house-pushes-back\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Top advisers have sent President Trump a plan to create a government-run investment fund, a request the president made earlier<\/p>\n","protected":false},"author":1,"featured_media":24078,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[],"class_list":["post-24077","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politics"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - 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