In my global travels, it sometimes feels like everyone from the UK to Singapore has a sovereign wealth fund—except the United States. These once-rare funds are now plentiful and represent over $12 trillion in assets. The idea of an American sovereign wealth fund, a state-owned and managed investment fund that operates separately from central banks, has faced its fair share of skepticism. But the potential to strategically align government funding with long-term national interests can drive broad-based economic progress...
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