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Executive Order 14196
A Plan for Establishing a United States Sovereign Wealth Fund
Signed February 3, 2025, printed at 90 FR 9181. 2 sections of substance, 465 words.
This order calls for a national investment fund. Such a fund would hold assets for the public. A plan is due back.
Sec. 1. Policy and Purpose
It is the policy of the United States to maximize the stewardship of our national wealth for the sole benefit of American citizens. To this end, it is in the interest of the American people that the Federal Government establish a sovereign wealth fund to promote fiscal sustainability, lessen the burden of taxes on American families and small businesses, establish economic security for future generations, and promote United States economic and strategic leadership internationally.
It is the policy of the United States to maximize the stewardship of our national wealth for the sole benefit of American citizens. To this end, it is in the interest of the American people that the Federal Government establish a sovereign wealth fund to promote fiscal sustainability, lessen the burden of taxes on American families and small businesses, establish economic security for future generations, and promote United States economic and strategic leadership internationally.
This sets the policy. It says public wealth should serve the people. It calls for a national investment fund. The fund would ease the tax burden. It would build security for those to come. It would also back the country's standing abroad.
Sec. 2. Sovereign Wealth Fund
The Secretary of the Treasury and the Secretary of Commerce, in close coordination with the Assistant to the President for Economic Policy, shall develop a plan for the establishment of a sovereign wealth fund consistent with section 1 of this order. The Secretary of the Treasury and the Secretary of Commerce shall jointly submit this plan to the President within 90 days of the date of this order. Such plan shall include recommendations for funding mechanisms, investment strategies, fund structure, and a governance model. The plan shall also include an evaluation of the legal considerations for establishing and managing such a fund, including any need for legislation.
The Secretary of the Treasury and the Secretary of Commerce, in close coordination with the Assistant to the President for Economic Policy, shall develop a plan for the establishment of a sovereign wealth fund consistent with section 1 of this order. The Secretary of the Treasury and the Secretary of Commerce shall jointly submit this plan to the President within 90 days of the date of this order. Such plan shall include recommendations for funding mechanisms, investment strategies, fund structure, and a governance model. The plan shall also include an evaluation of the legal considerations for establishing and managing such a fund, including any need for legislation.
This asks for a plan in 90 days. Treasury and Commerce must write it together. A White House aide works with them. The plan covers where the money would come from. It covers how the fund would invest. It covers how the fund would be run. It must also weigh whether a law is needed.
Sec. 3. General Provisions
Every order carries this. It is not what the order does.
(a) Nothing in this order shall be construed to impair or otherwise affect: (i) the authority granted by law to an executive department or agency, or the head thereof; or (ii) the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals. (b) This order shall be implemented consistent with applicable law and subject to the availability of appropriations. [[Page 9182]] (c) This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person. <GRAPHIC(S) NOT AVAILABLE IN TIFF FORMAT> (Presidential Sig.) THE WHITE HOUSE, February 3, 2025. [FR Doc. 2025-02477 Filed 2-7-25; 8:45 am] Billing code 3395-F4-P </pre></body> </html>
(a) Nothing in this order shall be construed to impair or otherwise affect: (i) the authority granted by law to an executive department or agency, or the head thereof; or (ii) the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals. (b) This order shall be implemented consistent with applicable law and subject to the availability of appropriations. [[Page 9182]] (c) This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person. <GRAPHIC(S) NOT AVAILABLE IN TIFF FORMAT> (Presidential Sig.) THE WHITE HOUSE, February 3, 2025. [FR Doc. 2025-02477 Filed 2-7-25; 8:45 am] Billing code 3395-F4-P </pre></body> </html>
This is the closing clause that nearly every order carries. It says the order does not change what the law already allows. It also says no one can sue to enforce it.
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