Trump Action Archive

Supporting reports

• Army announced armored vehicle "excess," but Congress continued funding; defense contractor employees donated to key appropriators — The U.S. Army announced last year that it had enough of a specific model of armored vehicle and that further deliveries would be "excess." Despite this, Congress continued funding the vehicle. In the weeks after the appropriations bill passed, employees of AM General or its parent company donated tens of thousands to key appropriations committee members, including Sen. Susan Collins (R-ME) and Rep. Ken Calvert (R-CA). After the Army's "excess" announcement, employees and the company's PAC donated over $58,000 to committees associated with Collins. The Intercept notes there is no indication this was part of a formal pay-to-play scheme, but it demonstrates how Collins's campaign account has grown with help from defense contractors doing business with the government.
• Congress funds armored vehicle despite Army rejection; manufacturer floods Congress with donations — After the U.S. Army announced it did not need additional units of a specific armored vehicle, Congress passed funding for the vehicle anyway. In the weeks following the funding passage, executives at the manufacturing company donated heavily to key members of Congress, including Senator Susan Collins (R-ME). The sequence suggests potential quid pro quo dynamics between defense contractors and congressional appropriators, raising concerns about whether defense spending decisions are driven by military need or corporate influence.

Supporting reports

• Pentagon contract with Venezuelan businessman Alejandro Betancourt for oil stake — The Pentagon agreed to a contract with controversial Venezuelan businessman Alejandro Betancourt earlier in September that could enable the U.S. government to take a 35% stake in his oil business in Venezuela. Members of Congress from both parties are pushing to see the contract. Rep. Joaquin Castro said there was an "unprecedented lack of accountability" about the administration's dealings with Venezuela.

Supporting reports

• Senate Republicans pass $70 billion funding for ICE and CBP — Senate Republicans passed a measure providing approximately $70 billion in additional funding to Immigration and Customs Enforcement (ICE) and Customs and Border Protection (CBP) without addressing Democratic demands for reforms following violent enforcement actions. This funding is part of a larger budget reconciliation measure that significantly increases the budgets of these agencies, potentially limiting future reform efforts. The funding is set to last through the remainder of Trump's term, complicating oversight and accountability.
• Senate Republicans passed $70 billion supplemental funding for ICE and CBP without Democratic reform conditions — In the early morning hours of Friday, Senate Republicans passed a budget reconciliation measure providing approximately $70 billion in additional funding to Immigration and Customs Enforcement and Customs and Border Protection, the parent agency of Border Patrol. This action occurred without addressing any of the Democratic demands for reforms to ICE and Border Patrol operations that had been made following violent sweeps resulting in the deaths of U.S. citizens Renee Good and Alex Pretti. Republicans used the budget reconciliation process to bypass a potential Democratic filibuster and secure passage with a simple majority.
• Senate passes ICE funding bill allocating $70 billion without restrictions — The Senate passed an immigration enforcement funding bill that allocated $70 billion to Immigration and Customs Enforcement (ICE) without spending restrictions. The bill also failed to block a $1.776 billion discretionary fund controlled by the Trump administration. Both North Carolina senators voted in favor of the measure.

Supporting reports

• Pentagon estimated Iran war cost at $25–50 billion — The White House is expected to request a supplemental spending package to cover the cost of the war with Iran. A Pentagon official stated at congressional hearings that the war's cost was approximately $25 billion, but U.S. officials familiar with internal assessments suggested the actual price tag could be closer to $50 billion.
• Pentagon comptroller testified that Iran war costs have reached $29 billion — Pentagon comptroller Jay Hurst testified before the Senate that the cost of the war in Iran has reached $29 billion, citing updated repair and replacement of equipment costs and general operational costs to keep personnel in theater. This testimony was part of a broader hearing on a request for a massive increase in the military budget to $1.5 trillion.
• Pete Hegseth testifies on Iran military operation costs before House Appropriations Committee — Secretary of Defense Pete Hegseth testified before the House Appropriations Committee regarding costs of the U.S. military operation in Iran. The stated cost increased from $25 billion to $29 billion within ten minutes during testimony, raising questions about accuracy and transparency of budget figures.
• Pentagon uses outdated munitions costs in war accounting, understating replacement expenses — The Pentagon's accounting system registers the cost of expended munitions based on their original unit cost rather than the cost of their more expensive replacements. For example, SM-2 interceptors fired in the Iran War are recorded at their 2010 unit cost of $1.2 million, though they will be replaced by SM-6 interceptors budgeted at $6.3 million in 2027. This accounting method means firing 50 SM-2s is recorded as $60 million in Pentagon ledgers but costs U.S. taxpayers $315 million in actual replacement costs. Munitions spending accounts for $24 billion of the Pentagon's $29 billion estimate, making this accounting flaw material to the overall cost calculation.
• Pentagon cost estimate excludes documented military damage from Iran airstrikes — Acting Undersecretary Jules Hurst acknowledged under questioning that the Pentagon's $29 billion Iran War cost estimate excluded damage to U.S. military sites caused by Iranian airstrikes. According to the Washington Post, Iranian strikes have damaged or destroyed at least 228 structures or pieces of equipment at U.S. military sites across the Middle East. Independent analysis estimates the cost of damaged or destroyed military assets at $11.9 billion. Hurst stated the Pentagon had "a lot of unknowns" regarding future military posture and base reconstruction costs.
• Pentagon official uncertain whether arms transfers to Israel included in war cost estimate — Acting Undersecretary Jules Hurst testified that he would need to "double check" whether arms transfers to other countries were included in the Pentagon's $29 billion Iran War cost estimate. According to independent analysis, arms transfers to Israel—which is waging the war in concert with the U.S.—cost approximately $2.9 billion in the first 60 days of the conflict. The uncertainty about what is and is not included in the official estimate further undermines its credibility and completeness.
• Pentagon officials testify to Congress with undocumented $29 billion Iran War cost estimate — Secretary of War Pete Hegseth and Acting Undersecretary Jules Hurst testified before House and Senate committees on the cost of the Iran War, presenting a $29 billion estimate without documentation, methodology, or explanation. The estimate excluded damage to U.S. military bases (at least $11.9 billion according to independent analysis) and potentially excluded arms transfers to Israel. Independent analysts estimate the actual cost at $50–72 billion for the first 60 days. Hurst declined to commit to providing formal accounting to Congress, stating he would share information "when it's relevant and required."
• Pentagon comptroller reports Iran War cost at $29 billion; Popular Information estimates $72 billion — Acting Pentagon comptroller Jules Hurst told legislators that the Iran War has cost an estimated $29 billion so far. However, other estimates, including one by Popular Information, have found the actual cost to be significantly higher—approximately $72 billion in the first 60 days alone. Despite the discrepancy, many major media outlets repeated the Pentagon's $29 billion estimate without scrutiny, amplifying what may be a substantially understated figure.

Supporting reports

• Pentagon reported first week of Iran War cost approximately $6 billion — Pentagon officials told Congress that the first week of the U.S.-Israel war against Iran cost approximately $6 billion. Republicans are expecting the administration to seek additional funding from Congress for continued military operations.
• Pentagon briefs Congress on Iran war costs exceeding $11.3bn in first six days — Pentagon officials conducted a classified briefing on Capitol Hill on Tuesday, March 12, 2026, informing top lawmakers that US military expenditures in the Iran conflict have already surpassed $11.3 billion in the first six days. The estimate, presented to Congress, focuses primarily on munitions costs and excludes additional expenses such as force deployment, medical care, and aircraft replacement. The Trump administration initiated the military conflict against Iran, and lawmakers are now seeking clarity on campaign scale and force positioning as scrutiny mounts.
• Pentagon reported first week of Iran war cost $11.3 billion — The Pentagon reported that the first week of military operations in the Iran war cost $11.3 billion. The figure represented the direct financial cost of the conflict to the US military.
• Pentagon reports high costs of military operations — Pentagon officials informed Congress that the military has expended $5.6 billion worth of munitions in the first two days of the war against Iran, with total costs exceeding $11.3 billion in the first six days. Lawmakers are concerned about the impact of these expenditures on U.S. military readiness for future conflicts.
• — Pentagon officials informed Congress that the military has expended $5.6 billion worth of munitions in the first two days of the war against Iran, with total costs exceeding $11.3 billion in the first six days, raising concerns about military readiness for future conflicts.

Supporting reports

• Congressional Budget Office releases economic impact assessment of ongoing federal government shutdown — The Congressional Budget Office released a report to the House Budget Committee estimating the federal government shutdown will cost the US between $7 billion and $14 billion, depending on duration, and reduce GDP by one to two percentage points in Q4 2025. CBO Director Phillip Swagel stated the shutdown will delay federal spending and have negative economic effects that will mostly reverse once it ends. The shutdown had reached 29 days with no resolution in sight, as Senate Democrats blocked a Republican-backed spending bill lacking healthcare funding and curbs on Trump administration cuts.

Supporting reports

• Trump administration reallocates $2 billion in foreign aid — The Washington Post reported that the Trump administration is planning to reallocate nearly $2 billion in foreign aid towards priorities that advance Trump's "America First" agenda, including countering "Marxist, anti-American regimes" in Latin America, despite the funds already being appropriated by Congress.

Supporting reports

• Treasury Secretary Bessent announced U.S. support for Argentina's economy — Treasury Secretary Scott Bessent announced on social media on September 22, 2025, fifteen minutes before Argentina's foreign-exchange markets opened, that the U.S. will consider "all options" for stabilizing Argentina's economy. Bessent stated that "Argentina is a systemically important U.S. ally." Argentina's right-wing president Javier Milei, a Trump ally, faces declining voter support ahead of elections next month due to austerity measures, inflation, and currency weakness.
• Argentina stock market surged following US Treasury announcement — Following the Trump administration's announcement of support for Argentina, Argentina's stock market surged 8% after having collapsed 10% in the previous 24 hours. The Kobeissi Letter reported that the timing of the US Treasury's "lifeline" announcement coincided with the market recovery, occurring one month before Argentina's midterm elections.
• Treasury Secretary announced support for Argentina bailout — Treasury Secretary Scott Bessent announced that the US Treasury stands ready to support Argentina with stabilization measures, stating that "all options are on the table" including swap lines, direct currency purchases, and purchases of US dollar-denominated government debt from the Exchange Stabilization Fund. Bessent praised President Javier Milei's fiscal discipline and pro-growth reforms.
• Treasury Department considered using Exchange Stabilization Fund to bail out Argentina. — The Wall Street Journal reported that the Trump administration was considering using the Treasury's Exchange Stabilization Fund to provide financial assistance to Argentina. The fund, created in the 1930s, can be used to supply loans to foreign countries facing dire financial difficulties, with the Treasury secretary having full control over its use. Brad Setser of the Council on Foreign Relations called such unilateral action "incredibly unusual," noting the U.S. typically coordinates such assistance with other countries and the IMF.
• Treasury Secretary Bessent offered financial support to Argentina without conditions. — Treasury Secretary Scott Bessent offered financial support to Argentina without conditions such as requiring the country to address its over-valued peso problem. Mark Sobel, a former U.S. Treasury and IMF official, criticized this approach as potentially "a way of just financing capital flight for little purpose," noting that investors have 100+ years of experience with Argentine over-borrowing, hyperinflation, and defaults.
• CPAC promoted Bessent's Argentina rescue package on social media — After Treasury Secretary Bessent announced the $20 billion rescue package for Argentina on September 24, CPAC promoted the deal on its social media accounts. This occurred despite CPAC's promotion of an "America First" agenda and despite the fact that CPAC's affiliated lobbying firm, Tactic Global, was simultaneously representing Argentina as a foreign agent and had organized CPAC Argentina featuring President Milei.
• Treasury announces $20 billion currency swap with Argentina; potential expansion to $40 billion — On September 24, Treasury Secretary Scott Bessent announced a $20 billion currency swap with Argentina, exchanging U.S. taxpayer dollars for Argentine pesos to support President Javier Milei's peso stabilization efforts. The bailout may expand to $40 billion as Bessent organizes an additional $20 billion facility financed by banks and private equity, with those banks demanding U.S. government guarantees to backstop potential losses. President Trump acknowledged the bailout provides little benefit to Americans but benefits hedge fund billionaire Robert Citrone, a personal friend and former colleague of Bessent with heavy Argentine asset investments.
• Treasury Secretary Bessent announced $20 billion bailout package for Argentina, reportedly at hedge fund billionaire's request — On September 24, Treasury Secretary Scott Bessent announced a $20 billion U.S. Treasury package to rescue Argentina's economy. Argentine media outlets report that hedge fund billionaire Rob Citrone, a personal friend and former colleague of Bessent, requested the bailout after his fund Discovery Capital suffered losses from Argentine investments. Citrone had previously urged Bessent to help secure a separate $20 billion IMF package in spring 2025. Argentine media also reports Citrone purchased additional Argentine bonds two weeks before the bailout announcement, raising suspicions he had access to confidential information.
• Treasury Secretary Bessent announces $20 billion rescue package for Argentina — Treasury Secretary Scott Bessent announced a $20 billion taxpayer-funded economic rescue package for Argentina, involving currency stabilization through dollar-peso exchanges. The package was designed to shore up Argentina's foreign currency reserves and stabilize the peso amid economic crisis under President Javier Milei. Bessent's announcement followed months of advocacy by hedge fund manager Rob Citrone, a personal and professional associate of Bessent, who holds substantial Argentine investments and stands to benefit significantly from the currency stabilization.
• U.S. prepares financial aid for Argentina — The U.S. government is preparing a $20 billion financial aid package for Argentina's right-wing leader Javier Milei, despite recent actions that undermine U.S. agricultural interests. This aid is being directed without following the usual congressional appropriations process.
• U.S. preparing $20 billion rescue package for Argentina — The Trump administration is preparing a $20 billion rescue package to bail out Argentina's right-wing leader Javier Milei, a Trump ally, before October elections. This financial support is being offered despite Argentina recently suspending its grain export tax, which undercut U.S. soybean farmers who lost their Chinese market due to Trump's tariff war. Within hours of Argentina's action, China purchased Argentine soybeans.

Supporting reports

• Department of Labor staffing cuts and enforcement decline — Approximately 20% of staff at the U.S. Department of Labor have resigned or retired ahead of threatened cuts. The drastic staffing reductions, coupled with new fieldwork approval requirements and a shift toward employer self-audits, have undermined the agency's capacity to enforce wage and hour laws. Workers report the department lacks "manning" to conduct routine enforcement activities.
• Department of Labor ceases enforcement of H-2A farm worker protections — The Department of Labor ceased enforcement of expanded labor protections for immigrant farm workers on H-2A temporary visas. The action removes protections for a vulnerable workforce with limited legal status and bargaining power.
• Department of Labor delays silica dust protection rule for coal miners — The Department of Labor delayed implementation of a rule to protect coal miners from silica dust exposure, a known carcinogen. The delay removes occupational safety protections for workers in a hazardous industry.
• Department of Labor cuts international labor grants and eliminates child labor enforcement funding — The Department of Labor, as part of the administration's "government efficiency" initiative, cut millions in international labor grants and eliminated $500 million in grants dedicated to fighting child labor and forced labor abroad. These cuts reduce U.S. capacity to combat exploitative labor practices globally.
• Department of Labor proposes elimination of minimum wage and overtime protections for domestic care workers — The Department of Labor proposed a deregulatory rule to exempt 3.7 million home health and personal care workers from federal minimum wage and overtime protections. The workforce is predominantly women and includes a significant immigrant population. Implementation would reverse a decade of progress in recognizing home care as professional work and would reduce wages for workers already earning near minimum wage.
• Department of Labor proposes OSHA general duty clause exemption for employers — The Department of Labor is pushing to create an exemption for employers from the general duty clause of the Occupational Safety and Health Act, which obligates employers to keep workers safe on the job. The exemption would weaken baseline occupational safety requirements across industries.

Supporting reports

• Columbia University agrees to eliminate race and sex-based hiring in exchange for restored federal funding — After Columbia University agreed to pay $221 million and to promise it will not use "race, color, sex, or national origin" in hiring decisions, the Trump administration restored $1.3 billion in congressionally appropriated funding it had withheld over charges of antisemitism. Education Secretary Linda McMahon characterized the settlement as a "monumental victory for conservatives" seeking to reshape elite campuses by removing "far left leaning professors."
• Columbia University accepts federal funding restoration deal with Trump administration, agreeing to speech restrictions and disciplinary measures — Columbia University reached an agreement with the Trump administration to restore $400 million in federal funds that had been withheld over accusations of antisemitism. The deal requires Columbia to pay $221 million in settlements, codify restrictions on pro-Palestinian speech (including adoption of a controversial antisemitism definition conflating criticism of Israel with antisemitism), place an academic department under receivership, restrict protest activities, release admissions data, and submit to federal monitoring. The agreement follows the university's disciplining of approximately 80 students involved in pro-Palestinian protests and sparked divided reactions from faculty, students, and alumni.
• White House issues fact sheet on Columbia University settlement — The White House issued a fact sheet on July 24, 2025, announcing that President Trump secured a settlement with Columbia University to address alleged violations of federal civil rights laws. The settlement includes a $200 million payment to the United States, over $20 million to resolve alleged discrimination against Jewish employees, restrictions on racial discrimination in hiring and admissions, enhanced campus safety measures, reduced reliance on international student enrollment, and establishment of an independent monitor to ensure compliance.

Supporting reports

• Trump announces $1 trillion military budget for fiscal year 2026 — On April 7, President Trump announced plans to propose a $1 trillion military budget for fiscal year 2026, representing a $107 billion increase from current spending. Trump stated during a meeting with Israeli Prime Minister Benjamin Netanyahu that the increase was necessary to strengthen U.S. military capacity. This reverses Trump's February position that military spending of nearly $1 trillion was excessive and should be reduced through arms-control negotiations with China and Russia. Secretary of Defense Pete Hegseth endorsed the proposal.
• White House warned Trump would veto tariff approval bill — The White House warned that Trump would veto a bill that would require approval from Congress to impose new tariffs.
• CNBC reported false rumor of Trump tariff pause, causing market volatility — CNBC reported a false rumor that Trump would announce a 90-day pause on tariffs after Fox host Brian Kilmeade asked White House Economic Advisor Kevin Hassett if Trump would consider such a pause. The rumor caused stock markets to rally sharply mid-morning. When the White House denied the report as "fake news," markets declined again. The false report originated from Hassett's non-committal response that "the president is gonna decide what the president is gonna decide."
• White House denied tariff pause report as fake news — The White House social media account responded to the CNBC report of a tariff pause by stating "Wrong. Fake News. Not only did Director Hassett not say this, POTUS has been clear - 'it all has to change, but especially with CHINA!!!'" The denial clarified that Trump has not agreed to any tariff pause.
• Peter Navarro stated tariffs are not a negotiation but a national emergency response — White House trade advisor Peter Navarro told Fox News that the tariffs represent "a national emergency based on a trade deficit that's gotten out of control because of cheating," explicitly rejecting the characterization of tariffs as a negotiating tactic. This statement contradicted other administration messaging suggesting tariffs were leverage for trade negotiations.
• Trump posted on Truth Social that his policies will never change — President Trump posted on Truth Social stating "MY POLICIES WILL NEVER CHANGE," signaling that tariff policy would not be reversed despite market turmoil and economic concerns. This statement contradicted earlier messaging that tariffs were negotiating tactics.
• White House issued fact sheet stating tariffs remain in effect until trade deficit threat is resolved — The White House released a fact sheet claiming that tariffs would remain in effect "until such a time as President Trump determines that the threat posed by the trade deficit and underlying nonreciprocal treatment is satisfied, resolved, or mitigated." This statement indicated tariffs were not temporary negotiating tools but permanent policy subject only to Trump's subjective determination.
• Trump announces 90-day pause on reciprocal tariffs — Hours after reciprocal tariffs took effect on April 9, 2025, Trump announced a 90-day pause on them, with the exception of China, where he increased tariffs to 125%. White House press secretary Karoline Leavitt characterized the move as part of Trump's negotiating strategy, referencing "The Art of the Deal." The pause came after stock markets had fallen sharply and amid widespread economic warnings.
• Trump announces 90-day tariff pause with modified rates, triggering market volatility and insider-trading allegations — On Wednesday, April 9, Trump announced a 90-day pause on his tariff plan, replacing his original broad tariffs with a 10% blanket rate on most countries through July, while raising China tariffs to 145% effective immediately. The announcement triggered a historic market rally Wednesday afternoon, followed by sharp sell-offs Thursday as economists warned the effective tariff rate was worse than worst-case scenarios. Democrats alleged possible insider trading and market manipulation; Republicans praised the move as strategic negotiation.
• Trump reversed course on tariffs with 90-day pause — After tanking the stock market, Trump reversed course on his "Liberation Day" tariffs. He announced a 90-day pause on a steep hike in tariffs on most countries, except for China, which he said would now face duties of 125%.
• Senators and representatives questioned insider trading related to tariff announcements. — Multiple members of Congress raised concerns about potential insider trading in the hours before Trump's tariff announcement. Senator Adam Schiff stated he would investigate whether Trump and associates tipped off friends to profit from market movements. Senator Bernie Sanders expressed skepticism that people with advance knowledge of the tariff reversal did not profit. Representative Alexandria Ocasio-Cortez called for disclosure of stock purchases made in the prior 48 hours and urged a ban on congressional insider trading. Senator Chris Murphy characterized the situation as "an insider trading scandal brewing."
• Trump's approval rating fell to 41% in new Quinnipiac poll. — A new Quinnipiac poll showed President Trump's approval rating at 41% with 53% disapproval. CNN analyst Harry Enten noted that only two presidents have had net negative approval ratings at this point in their term: Donald Trump in his first term and Donald Trump in his second term.
• White House refused to release list of 75 countries allegedly requesting tariff deals. — President Trump claimed that leaders of 75 countries had called "kissing my ass" to request trade deals, prompting him to lift most tariffs. When NBC News requested the list of these 75 countries, the White House refused to release it. The refusal raised questions about the veracity of Trump's claim and the basis for the tariff reversal.
• 30-year mortgage rates surge to 7.1% — The average mortgage rate on 30-year fixed-rate mortgages surged 1.3 basis points to 7.1% on this date. Matthew Graham, COO of Mortgage News Daily, characterized the week as the worst for bond markets in terms of 10-year yield jumps for anyone whose career began after 1981, indicating severe market volatility tied to administration policy.

Supporting reports

• Establishment of a United States Sovereign Wealth Fund — President Donald J. Trump signed Executive Order 14196, directing the Secretary of the Treasury and the Secretary of Commerce to develop a plan for a United States sovereign wealth fund. The plan aims to promote fiscal sustainability, reduce tax burdens, and enhance economic security and international leadership. The plan must be submitted to the President within 90 days and include recommendations on funding, investment strategies, and governance.
• Trump signs executive order to create sovereign wealth fund — On Monday, Donald Trump signed an executive order directing the US Treasury and Commerce Departments to establish a sovereign wealth fund. This fund is intended to act as an investment vehicle for the country, potentially being used to purchase the social media platform TikTok. The creation of the fund requires congressional approval, and its details, including funding sources, remain unspecified. Treasury Secretary Scott Bessent and Commerce Secretary nominee Howard Lutnick are tasked with spearheading the fund's development, aiming to operationalize it within 12 months.
• Trump issues executive order to establish U.S. Sovereign Wealth Fund — President Donald Trump issued an executive order on February 3, 2025, directing the establishment of a United States Sovereign Wealth Fund. The order mandates the Secretary of the Treasury and the Secretary of Commerce, in coordination with the Assistant to the President for Economic Policy, to develop a plan for the fund. This plan is to be submitted within 90 days and should include recommendations on funding mechanisms, investment strategies, and governance models. The initiative aims to promote fiscal sustainability, reduce tax burdens, and enhance U.S. economic leadership internationally.
• White House issued memorandum directing Treasury and Commerce to develop sovereign wealth fund plan — The White House issued a presidential memorandum on February 3, 2025, directing the Secretary of the Treasury and Secretary of Commerce to jointly develop a plan for establishing a U.S. sovereign wealth fund within 90 days. The order states the fund aims to "maximize the stewardship of our national wealth for the sole benefit of American citizens," promote fiscal sustainability, reduce tax burdens, and establish economic security for future generations. The plan must include funding mechanisms, investment strategies, governance models, and legal considerations, including any legislative requirements.
• White House issues fact sheet on executive order directing sovereign wealth fund plan — The White House published a fact sheet on February 3, 2025, announcing that President Trump signed an executive order directing the Secretary of the Treasury and Secretary of Commerce to deliver a plan within 90 days for creation of a U.S. sovereign wealth fund. The order directs the plan to include recommendations for funding mechanisms, investment strategies, fund structure, and governance. The fact sheet states the fund would leverage the federal government's $5.7 trillion in directly held assets and additional indirect asset value to promote fiscal sustainability and economic competitiveness.
• Trump ordered creation of sovereign wealth fund — On February 3, 2025, Trump ordered the US Treasury and Commerce Department to create a sovereign wealth fund operating outside the Federal Reserve and Treasury Department. The fund would require congressional approval and act as an investment vehicle for the country. Treasury Secretary Scott Bessent said the government would "stand this thing up within the next 12 months." Trump suggested the fund could facilitate TikTok purchase but offered few details on funding sources.

Supporting reports

• Trump orders creation of sovereign wealth fund — Trump ordered the US Treasury and Commerce Department to create a sovereign wealth fund. Such a fund, which requires congressional approval, would act as an investment fund for the country, operating outside the Federal Reserve and the Treasury Department. Trump offered few details about the fund, including where the cash would come from. Treasury Secretary Scott Bessent told reporters the government would "stand this thing up within the next 12 months." Trump stated "We have tremendous potential. I think in a short period of time, we'd have one of the biggest funds." Trump also said the fund could be used to facilitate the purchase of TikTok.
• Trump creates strategic bitcoin reserve — Trump signed an executive order to establish a strategic bitcoin reserve. The reserve "will be capitalized with bitcoin owned by the federal government that was forfeited as part of criminal or civil asset forfeiture proceedings," according to Trump's crypto czar David Sacks. Creating the reserve was one of several crypto-related promises Trump made during the 2024 election campaign.