The White House vetoed part of the sovereign wealth fund plan.

CBS reported that senior advisors to the US government have submitted a plan to President Trump to create a government-operated investment fund, which was a request made by Trump earlier this year, but the White House rejected some aspects of the proposal. Previously, Trump had asked Treasury Secretary Mnuchin and Commerce Secretary Ross to jointly develop a proposal for a US sovereign wealth fund by early May. Sources said that the proposal has been submitted. However, sources also said that the White House is concerned about the actions taken by the Treasury Department. Details about the operation mechanism of the fund are still under discussion, and no announcement will be made in the near future.