Read previewBipartisan momentum is building around a sovereign wealth fund that could help the United States reduce its national debt or fund ambitious projects.
And former President Donald Trump recently called for a similar state-owned investment fund to finance "great national endeavors" during a campaign stop at the Economic Club of New York.
AdvertisementAlaska's fund offers benefits that mimic a universal basic income — a no-strings-attached, recurring payment distributed to people regardless of socioeconomic status.
Federal lawmakers likely see a sovereign wealth fund serving a different purpose, like supporting industries or financing supply chain initiatives.
Sovereign wealth funds — like Alaska's or Norway's Government Pension Fund Global, which is the largest in the world — are often funded by wealth generated from state-owned natural resources.
Persons:
—, Joe Biden's, Donald Trump, Sarah Cowan, Winston Ma, Hunt, Ma
Organizations:
Service, White, Economic, of New, Business, Alaska Permanent Fund, NYU, Unicorns, Fund
Locations:
United States, of New York, American, Alaska