Biden aide working on U.S. sovereign wealth fund proposal: person familiar with the matter

Senior aides to U.S. President Joe Biden have been drafting a proposal to create a sovereign wealth fund that would enable the U.S. to invest in national security interests, including technology, energy and key segments of the supply chain, according to a person familiar with the matter. The behind-the-scenes work of U.S. national security adviser Sullivan and his deputy, Dalip Singh, mirrors, at least in part, a proposal put forward by Republican nominee Donald Trump on Thursday calling for the creation of a government-owned investment fund to finance “great national endeavors.” Sullivan and Singer have been working on the project for months, engaging in a series of weekly brainstorming sessions and meeting with economic experts on the National Security Council to discuss the size, structure, funding, leadership and potential protections of the proposed fund. The effort has progressed, and planning documents have been circulated among White House staff and key agencies, according to people familiar with the matter. But key details remain unclear.