The President has issued Executive Order 14196, which calls for the creation of a United States Sovereign Wealth Fund. This fund aims to benefit American citizens by promoting fiscal sustainability and economic security, reducing taxes, and enhancing U.S. economic leadership globally. The Secretary of the Treasury and the Secretary of Commerce are tasked with developing a detailed plan, including funding strategies and legal considerations, and submitting it within 90 days. The order ensures it complies with existing laws and does not grant any new legal rights.
Simple Explanation
The President wants to create a big money-saving account for the country, called a Sovereign Wealth Fund, to help keep taxes low and make sure America has lots of money in the future. Some grown-ups are worried because they don't know where the money will come from at first, how it will be spent, or who will make sure it's used the right way.