The Wall Street Journal last night followed prior press reports that Donald Trump is considering some sort of sovereign wealth fund and that the Biden Administration now says it was also doing so well before Mr. Trump broached the idea. FedFin stays out of the politics surrounding this issue, but here lays out the structure of a possible U.S. sovereign wealth fund (SWF) and its financial-market implications. Despite the existence of almost two dozen state-level SWFs and the sharp uptake in U.S. industrial policy, we think neither a new Trump nor Harris Administration could bring forth a U.S. sovereign wealth fund without treading ….
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