Similar Stories to Trump And Biden Agree: The Us Should Finally Start A Sovereign Wealth Fund on Bing News

Something Biden and Trump can agree on — a sovereign wealth fund isn't a bad idea. Chip Somodevilla, Steven Hirsch-Pool/Getty ImagesThe Biden administration appears to be exploring the possibility of a sovereign wealth fund.Last week, Donald Trump proposed a similar idea.The fund could support technology, energy, and supply chain initiatives or even ease national debt.Bipartisanship in the United States is unusual, especially during election time.So it is noteworthy that Democratic and Republican leaders both appear to want to establish a sovereign wealth fund to help the United States pay for stuff.Top aides to President Joe Biden, including National Security Advisor Jake Sullivan and his deputy, Daleep Singh, have been quietly developing plans for a sovereign wealth fund over the past several months, Bloomberg reported.The details, including the structure, funding, and investment strategy, remain unclear, but planning documents are making the rounds through the White House and Biden hopes to make it happen before he leaves office.News of Biden's effort came not long after former president Donald Trump called for a similar state-owned investment fund to finance "great national endeavors" during a campaign stop at the Economic Club of New York last week.Sovereign wealth funds are an old idea that many other countries — particularly ones that generate vast wealth from their natural resources, like Saudi Arabia or Norway — have long used to pay for big things.