in effect
This is Executive Order 14196, signed February 3, 2025, and published in the Federal Register on February 10, 2025. It is a presidential directive that orders top officials to draw up a plan for creating a U.S. government sovereign wealth fund — a state-owned investment fund. It does not itself create the fund; it directs that a plan for one be written.
The order directs the Secretary of the Treasury and the Secretary of Commerce, working with the Assistant to the President for Economic Policy, to develop a plan to establish the fund. They must jointly submit that plan to the President within 90 days of the order’s date (by early May 2025). The plan is required to include recommendations on how the fund would be funded, its investment strategies, its structure, and how it would be governed. It must also assess the legal issues involved, including whether new legislation would be needed to set up and run the fund. The order states it is to be carried out consistent with existing law and only as far as funding (appropriations) is available.
The direct obligations fall on the Treasury Department, the Commerce Department, and the White House economic policy office, which must produce the plan. The order explicitly states it creates no legal rights or benefits that anyone can enforce against the government, and it does not change the existing legal authority of any agency or the budget functions of the Office of Management and Budget. Any broader effect on the public would depend on later decisions that are not settled by this document.