Source: Bloomberg
A person familiar with the matter revealed that the US President Biden's high -level think tanks have been drafting the proposal to set up the establishment of a sovereign wealth fund for several months, hoping to invest in national security interests such as technology, energy and supply chains.
The project was fucking behind the scenes by President's national security adviser Sha Liven and his deputy Daleep Singh, and at least reflect the idea of Republican presidential candidate Trump thrown on Thursday.In a speech at the New York Economic Club, he called for all government investment funds to provide funds for "great national business".
Salvin and Singh have worked on this project for several months.They carry out a series of brainstorms every week, and also discuss the scale, structure, funding sources, leadership, and potential guardrails of the proposed fund with economic experts from the National Security Council.
According to people familiar with the matter, this work has progressed to the point where the planning documents are distributed to the White House staff and important institutions.But even if the relevant work has made progress, key details, including the most important fund structure, financing model and investment strategy, are still unknown.
However, Trump's publicly proposed this idea may provide cross -party support for the initiative.
The control of key materials and emerging technologies against the United States' opponents is a major motivation for brewing projects. Biden's think tanks are particularly concerned about using capital at the speed and scale of other countries.For example, China Investment Co., Ltd. has invested a lot of investment in natural resources on its own foreign exchange reserves.
Designers are eager to formally finalize the proposal within a few months of the remaining term of President Biden.They believe that such a fund can help enhance their competition with Chinese companies by providing the first loss of equity capital, guarantee or bridge financing to companies with low liquidity but solvency capabilities, thereby promoting the interests of the United States.
Establishing any funds requires Congress to pass the bill, and the dispute over the source of potential funds may cause controversy.The White House has not yet begun to discuss this idea with parliamentarians, but designers plan to discuss with Congress and private sector in the near future.
