Trump’s team is planning an overhaul of the property fund for the federal agency, Bloomberg News Reuters reports
(Reuters) – President-elect Donald Trump’s team wants the U.S. International Development Finance Corp (DFC) to function more like a sovereign wealth fund and be an effective tool for deploying economic power, Bloomberg News reported on Friday.
Plans discussed for the federal agency include how it could use the investment to strengthen American influence in Panama and Greenland, the report said, citing former officials, people close to the transition and candidates for top jobs at the agency.
In a speech at the New York Economic Club in September 2024, Trump said that if elected, he would create a sovereign wealth fund to invest in “great national endeavors,” including major infrastructure projects like highways and airports.
He noted that the fund would be created with “customs and other smart things,” but did not provide details.
A Bloomberg report says that Elon Musk and Stephen Feinberg, the billionaire co-founder of Cerberus Capital Management, whom Trump has named as deputy defense secretary, are among those leading the discussion on using the DFC more as a sovereign wealth fund and as a tool to radically change America’s aid strategy. abroad.
The idea of a revamped DFC has sparked competition to run it, the report added, citing people close to the matter. The candidates include a former CEO of Bridgewater Associates and a former Republican congressman.
Interviews for the leadership position also took place at Trump’s Palm Beach estate, according to the report.
Trump’s transition team, Musk and Cerebrus did not immediately respond to Reuters requests for comment on the report.
On January 20, Trump will be sworn in as the 47th President of the United States.
