01:06 PM EST, 02/03/2025 (MT Newswires) -- President Donald Trump signed an executive action to direct officials to create a sovereign wealth fund for the US, Bloomberg reported Monday.

Trump said the action would place Treasury Secretary Scott Bessent, and Howard Lutnick, the commerce secretary nominee, in charge of leading the effort, Bloomberg reported.

Bessent said the fund would be created in the next 12 months, according to the report.

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