A Plan for Establishing a United States Sovereign Wealth Fund

The order directs the Secretary of the Treasury and the Secretary of Commerce, working closely with the Assistant to the President for Economic Policy, to develop a comprehensive plan for establishing a U.S. sovereign wealth fund. They must jointly submit that plan to the President within 90 days. The plan must address funding mechanisms, investment strategies, fund structure, a governance model, and an evaluation of legal considerations — including whether new legislation would be required to create or operate such a fund.

The order does not itself create a sovereign wealth fund, appropriate any money, or authorize any investments. It is a planning directive. Whether a fund is actually established, and on what terms, depends entirely on the plan's recommendations and any subsequent legislative or executive action.

Primarily the Department of the Treasury and the Department of Commerce, whose senior leadership must jointly produce the plan. The American public and future generations are named as the intended beneficiaries of any eventual fund, but no rights or benefits are created by this order.

This order starts a formal process that could lead to the first U.S. sovereign wealth fund — a vehicle that could affect how federal assets are invested. Until the plan is submitted and acted upon, no money moves and no fund exists.

Treasury and Commerce must coordinate with the White House's economic policy office to jointly draft the plan, then submit it to the President within 90 days of February 3, 2025. The plan's recommendations — including whether legislation is needed — will determine next steps. The order contains standard severability language, limits on OMB functions, and an explicit statement that it creates no enforceable legal rights. No implementation beyond the plan submission itself is triggered by this order alone.