Contrary to the usual oil- or export-surplus model, the U.S. could run a sovereign wealth fund funded by federal capital and returns to finance industrial scale-up. Its purpose would be to crowd in private money where hurdle rates and foreign subsidies make projects unattractive to markets alone.
— This reframes American industrial finance by normalizing state equity and credit tools despite trade deficits.
Nathan Gardels
2025.09.04
90% relevant
The article reports Trump officials floating a sovereign wealth fund seeded by tariff income and state equity/revenue stakes (e.g., 10% U.S. stake in Intel; 15% skim of Nvidia/AMD China sales), directly echoing the proposal to fund a U.S. SWF from federal capital and returns rather than classic surplus revenues.
Oren Cass
2025.08.29
90% relevant
Julius Krein and Oren Cass argue for an American sovereign wealth fund to finance strategic manufacturing (e.g., Intel) and outlast episodic subsidies, directly echoing the proposal that the U.S. can run a SWF funded by federal capital and returns despite lacking commodity/export surpluses.
Julius Krein
2025.08.20
100% relevant
Trump’s Feb. 3 executive order calling for a U.S. sovereign wealth fund to back strategic sectors.
Nathan Gardels
2025.08.08
55% relevant
The article’s 'MAGA Accounts' echo state-backed capital strategies by seeding universal investment accounts to share returns from digital capitalism, paralleling proposals for public equity vehicles to spread capital income.