Key advisers to President Joe Biden are working on a proposal to create a sovereign wealth fund that would allow the U.S. to invest in national security interests, including technology, energy and critical supply chain links, according to insiders.
The behind-the-scenes work by National Security Adviser Jake Sullivan and his deputy, Daleep Singh, echoes — at least in spirit — a proposal floated Thursday by Republican presidential candidate Donald Trump, who called for a government-run investment fund to finance “major national efforts” during a speech to the Economic Club of New York.
Sullivan and Singh have been working on the project for months, through a series of weekly brainstorming sessions. They have also met with economic experts from the National Security Council to discuss the size, structure, financing, leadership and possible constraints for a proposed fund.
