1

Start with a Provocation

Step One

A few weeks into his second term, President Donald Trump signed an executive order to explore the creation of a U.S. sovereign wealth fund.

For years, the idea had lingered on the fringes—campaign fodder, think-tank white papers, nothing more.

Then, almost overnight, the question wasn't whether we should do it. It was how to make it work. Could a country with trillion-dollar deficits really pull this off?

2

Follow the Numbers

Step Two

With support from our PhD economists, we dug into the data:

  • Price Oil Royalties at Market Rates

    Oil royalties charged by the Department of the Interior are below market.

    By aligning rates with Texas, we could generate $8.5 billion in annual revenue

    $8.5B

  • Expand Renewable Energy Leasing

    Adding expanded renewable energy leasing increases annual revenue to:

    $10.1B

  • Borrow Against It

    $10.1 billion in annual revenue and 2.9% AAA municipal bond rates and would allow the U.S. to support up to $225 billion in initial funding.

    $225B
3

Test the Edges

Step Three

Then, we found the story:

Assemble a Board: Bring together America's best talent — Mitt Romney, Bill Gurley, Condoleezza Rice, Eric Schmidt — with a clear mandate to maximize returns while advancing America's interests.

Establish the Fund and Let It Grow: Start with $225 billion, assume an 8% annual return (in line with Alaska's Permanent Fund), and let it compound for a decade to $485 billion.

Split the Returns: Pay out half the returns and reinvest the rest.

Invest in Every Child: By the mid-2030s, this would fund a $5,400 investment account at birth for every American child.

That way, our kids won't just get a tax return. They'll get a return on their taxes.

4

Put It Out There

Step Four

Next, we translated hundreds of pages of technical findings into one sharp story.