A Sovereign Wealth Fund for the US Is a Great Idea, Actually
The Intel investment could be a start, but we must think hard about how such corporate funding can be fair for taxpayers and transparent.
What’s next?
Photographer: Justin Sullivan/Getty Images North AmericaThe US should have an investment fund — a sovereign wealth fund if you like — that lays out clear rules for government funding of companies. It can start with the Trump administration’s $11.1 billion investment in Intel Corp.
A lot of people are uncomfortable, understandably, with government involvement in business. But the US has always funded new ventures and aided businesses during crises — and will continue to. So, the question isn’t whether government should invest in companies but rather how to do so more fairly and transparently for the benefit of all taxpayers without treading on the US’s vibrant private sector. With the Trump administration actively pursuing deals, now is a good time to design guardrails to those ends — safeguards that have eluded previous government investment in business, and still do.