President Donald Trump signed an order that creates a government-owned sovereign wealth fund which he suggests might be used for purchasing TikTok. The fund must be approved by congress as it is new federal spending as opposed to the allocation of resources already granted by congress.
Trump signs order to create sovereign wealth fund in United States, possibly to buy TikTok – UPI News
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President Donald Trump on Monday ordered the creation of a government-owned sovereign wealth fund of financial assets, which he said possibly could be used to buy TikTok.
Trump designated Treasury Secretary Scott Bessent and Commerce secretary nominee Howard Lutnick to create and lead such a fund. The new fund would take approval from Congresses, which normally approves federal spending, Axios reported.