Any plans that the Treasury or Commerce Departments developed in response to President Trump’s executive order calling for the establishment of a U.S. sovereign wealth fund (the SWF EO) should be made public, especially since its development raises serious security and corruption questions. CREW has requested records from the Treasury and Commerce Departments on proposals, memos and other records related to the EO.

The SWF EO called for the Treasury and Commerce Departments to submit a plan to develop the sovereign wealth fund by the beginning of this month. The supposed goals of the executive order are to “lessen the burden taxes on American families and small businesses, [and] establish economic security for future generations,” goals that are both broad and unspecific and which raise security and corruption risks.

While announcing the SWF EO, Trump referenced Saudi Arabia’s Public Investment Fund, which has “provoke[d] questions about financial impropriety and influence peddling,” granted Trump’s son-in-law Jared Kushner’s private equity firm a $2 billion investment in 2021, apparently at the behest of Saudi Crown Prince Mohammed bin Salman and which, on May 13, 2025, agreed to a $600 billion deal to invest in the United States.

CREW and the public require additional information to better understand how a United States sovereign wealth fund will operate, whether it will serve the interests of the public and whether its governance structure will provide opportunities for graft and corruption. CREW and the public also require information to better understand why, according to reporting, the White House has rejected parts of the initial proposal to establish a sovereign wealth fund.

FOIA requests

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