FOR IMMEDIATE RELEASE:
Wednesday, March 5, 2025
PRESS CONTACT:
esperanza@focalpointstrategygroup.com
Washington, D.C. — President Trump is set to appoint Michael Grimes, prominent technology investment banker, to lead the new proposed U.S. sovereign wealth fund, which Trump recently unveiled. The fund is expected to be backed by the “External Revenue Service”, a new agency that Trump aims to establish to manage income generated from tariffs on foreign imports.
Under this plan, Trump and his administration would impose tariffs as a form of taxation, with control reportedly entrusted to a Wall Street insider and Trump loyalist. Both the creation of the new agency and the appointment of its head are expected to bypass traditional Congressional approval processes. This move marks yet another instance of Trump’s egregious overreach of constitutional power and disregard for our system of checks and balances.
How are Republican leaders in Congress justifying their silence on Trump’s escalating abuses of power, as he attempts to create agencies, hoard money, and appoint agency heads without any Congressional input or oversight? Have they all just given up?
Read the latest from Reuters:
- “Star technology investment banker Michael Grimes, who left Morgan Stanley to take up a senior role in the U.S. Commerce Department last month, is expected to lead the new U.S. sovereign wealth fund that was unveiled by President Donald Trump, two people familiar with the matter said.”
- “The fund is expected to be backed by revenue from the so-called External Revenue Service, an agency Trump wants to create to handle income generated from tariffs on foreign imports, one of the sources said.”
- “The details, which have not been previously reported, highlight that plans for the sovereign wealth fund are beginning to take shape, despite questions about the feasibility of such an investment vehicle.”
- “Typically, such funds rely on a country’s budget surplus to make investments, but the United States operates at a deficit. Its creation would also likely require approval from Congress.”
- “In February, Trump signed an executive order mandating the creation of a sovereign wealth fund within the next year, saying it could potentially buy the short video app TikTok. […] Trump has previously said the proposed fund could be financed by ‘tariffs and other intelligent things.’”