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Sovereign Wealth Funds: Legitimacy, Governance, and Global Power

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Sovereign Wealth Funds: Legitimacy, Governance, and Global Power

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An accessible introduction to sovereign wealth funds, their role in global finance, and their importance in national economic strategies. Particularly relevant for understanding potential US applications.

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Gordon L. Clark, Adam D. Dixon, Ashby H. B. Monk

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A clear, concise explanation of sovereign wealth funds, their purposes, and how they operate in the global economy.

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Sovereign Wealth Funds (SWFs) are becoming increasingly important in the international monetary and financial system, attracting growing attention. SWFs are government-owned investment funds, set up for a variety of macroeconomic purposes. They are commonly funded by the transfer of foreign exchange assets that are invested long term, overseas. SWFs are not new, and some of the longer-established funds—for example those of Kuwait, Abu Dhabi, and Singapore—have existed for decades. However, high oil prices, financial globalization, and sustained, large global imbalances have resulted in the rapid accumulation of foreign assets particularly by oil exporters and several Asian countries. As a result, the number and size of SWFs are rising fast and their presence in international capital markets is becoming more prominent.

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Sovereign Wealth Funds and Long-Term Investing

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Sovereign Wealth Funds and Long-Term Investing

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Explores how sovereign wealth funds can be used for long-term national investment strategies, with relevant implications for public land management.

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Patrick Bolton, Frederic Samama, Joseph E. Stiglitz

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An introduction to the political and cultural significance of America's public lands, examining their role in national identity and policy debates.

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A fundamental text explaining the legal framework governing federal public lands, written in an accessible style for non-law students.

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George Cameron Coggins, Charles F. Wilkinson

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America's Public Lands: From Yellowstone to Smokey Bear and Beyond

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America's Public Lands: From Yellowstone to Smokey Bear and Beyond

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A comprehensive overview of public land history, management, and contemporary challenges in the United States.

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Federal Land Ownership: Overview and Data

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Federal Land Ownership: Overview and Data

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A current analysis of federal land holdings and management practices, essential for understanding the potential for wealth fund creation.

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Managing Federal Lands: Public Land Statistics

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Managing Federal Lands: Public Land Statistics

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Annual report providing detailed statistics and analysis of federal land management, useful for understanding the economic potential of public lands.

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The BLM publishes the Public Land Statistics report annually. Each report provides information about the following multiple-use land management activities.

Land Resources and Information: public lands, acquisitions and dispositions, Oregon & California lands, withdrawals, cadastral

Healthy and Productive Lands: rangeland, forests, wildlife habitat, fire projects

Commercial Uses and Revenues Generated: patents, rights-of-way, grazing, forest products, timber, oil, gas, geothermal, minerals, mining claims, and revenues

Recreation and Leisure Activities: recreation uses and revenues

Natural and Cultural Heritage Preservations: National Conservation Lands, rivers, trails, land exchanges and acquisitions, wild horses and burros, special management areas

Public Health, Safety, and Resource Protection: fires, capital improvements, hazardous substances

Download the 2023 Public Land Statistics report, our most current edition.

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About: Data: Public Land Statistics | Bureau of Land Management

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Public Land Statistics The BLM publishes the Public Land Statistics report annually. Each report provides information about the following multiple-use land management activities.

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Contemporary analysis of debates surrounding federal public land management and proposed reforms.

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Economic Analysis of Federal Land Management

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Economic Analysis of Federal Land Management

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Report examining the economic implications of federal land management policies and potential alternative approaches.

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Property and Environment Research Center

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Fact Sheet: President Donald J. Trump Orders Plan for a United States Sovereign Wealth Fund

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Fact Sheet: President Donald J. Trump Orders Plan for a United States Sovereign Wealth Fund

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Fact Sheet: President Donald J. Trump Orders Plan for a United States Sovereign Wealth Fund

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DELIVERING A PLAN TO CREATE A UNITED STATES SOVEREIGN WEALTH FUND: Today, President Donald J. Trump signed an Executive Order calling for the creation of

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A Plan For Establishing A United States Sovereign Wealth Fund

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A Plan For Establishing A United States Sovereign Wealth Fund

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EXECUTIVE ORDER

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A Plan for Establishing a United States Sovereign Wealth Fund

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By the authority vested in me as President by the Constitution and the laws of the United States of America, and in order to promote

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How Seriously Should We Take the Sale of Federal Lands? Very Seriously, Experts Say

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How Seriously Should We Take the Sale of Federal Lands? Very Seriously, Experts Say

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How Seriously Should We Take the Sale of Federal Lands? Very Seriously, Experts Say

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There is a major push within the second Trump administration, Congress, and certain Western states to dispose of federal public land. It’s a real threat.

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U.S. House Subcommittee on Federal Lands

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U.S. House Subcommittee on Federal Lands

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Chairman
Tom Tiffany (R-Wis.)

The Subcommittee on Federal Lands is responsible for all matters related to the National Park System, U.S. Forests, federal lands, and national monuments.

Republicans on the Subcommittee are working to expand and protect opportunities for all Americans to enjoy our beautiful public lands, ensuring they are available for recreational opportunities and economic development. Our goal is to ensure that we use our resources wisely so we can provide for our families today while leaving our land in even better shape for future generations of Americans.

Jurisdiction of the Subcommittee:

Measures and matters related to the National Park System and its units, including Federal reserved water rights.

The National Wilderness Preservation System.

Wild and Scenic Rivers System, National Trails System, national heritage areas and other national units established for protection, conservation, preservation or recreational development, other than coastal barriers.

Military parks and battlefields, national cemeteries administered by the Secretary of the Interior, parks in and within the vicinity of the District of Columbia and the erection of monuments to the memory of individuals.

Federal and non-Federal outdoor recreation plans, programs and administration including the Land and Water Conservation Fund Act of 1965 and the Outdoor Recreation Act of 1963.

Preservation of prehistoric ruins and objects of interest on the public domain and other historic preservation programs and activities, including national monuments, historic sites and programs for international cooperation in the field of historic preservation.

Matters concerning the following agencies and programs: Urban Parks and Recreation Recovery Program, Historic American Buildings Survey, Historic American Engineering Record, and U.S. Holocaust Memorial.

Public lands generally, including measures or matters relating to entry, easements, withdrawals, grazing, and Federal reserved water rights.

Forfeiture of land grants and alien ownership, including alien ownership of mineral lands.

Cooperative efforts to encourage, enhance, and improve international programs for the protection of the environment and the conservation of natural resources otherwise within the jurisdiction of the Subcommittee.

Forest reservations, including management thereof, created from the public domain.

Public forest lands generally, including measures or matters related to entry, easements, withdrawals, grazing, and Federal reserved water rights.

General and continuing oversight and investigative authority over activities, policies, and programs within the jurisdiction of the Subcommittee.

Membership:

Vice Chairman Mike Kennedy
(R-Utah)

(R-Calif.) Tom McClintock

Mark Amodei
(R-Nev.)

Russ Fulcher
(R-Idaho)

Pete Stauber
(R-Minn.)

Cliff Bentz
(R-Ore.)

Wesley Hunt
(R-Texas)

Celeste Maloy
(R-Utah)

Sign up to receive news, updates and insights directly to your inbox.

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Chairman Tom Tiffany (R-Wis.) The Subcommittee on Federal Lands is responsible for all matters related to the National Park System, U.S. Forests, federal lands, and national monuments. Republicans on the Subcommittee are working to expand and protect opportunities for all Americans to enjoy our beautiful public lands, ensuring they are available for recreational opportunities and economic development.

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U.S. House Committee on Natural Resources

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U.S. House Committee on Natural Resources

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Energy and Mineral Resources | House Committee on Natural Resources

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Chairman
Pete Stauber (R-Minn.)

The Subcommittee on Energy and Mineral Resources oversees American energy production and mining on federal lands – both onshore and offshore. Republicans on the subcommittee are committed to the environmentally responsible development of America’s vast energy and mineral resources that will expand our domestic energy supply, create new American jobs, lessen our dependence on foreign sources of energy and minerals and generate revenue for federal and state treasuries.

Republicans support an all-of-the-above energy approach that includes alternative energy sources such as wind, solar, hydropower, biomass and nuclear, geothermal, along with American-made oil, clean coal and natural gas.

Jurisdiction of the Subcommittee:

Planning for and development of energy from solar and wind resources on land belonging to the United States, including the outer Continental Shelf.

All matters and measures affecting geothermal resources.

Marine hydrokinetic energy development on the outer Continental Shelf.

All matters related to the leasing, development, and conservation of fossil fuel resources belonging to the United States, including on the outer Continental Shelf and land where the surface is owned by entities other than the United States, including decommissioning of relevant facilities and reclamation of affected areas.

Mitigation of energy and mining related impacts on Federal lands and resources.

Terrestrial and geological sequestration of carbon dioxide, except for matters involving implementation of land or forestry management strategies.

All measures and matters concerning the Office of Surface Mining Reclamation and Enforcement.

All measures and matters concerning the U.S. Geological Survey, except for the activities and programs of the Water Resources and Ecosystem Mission Areas or their successors.

Collection and management of energy and mineral revenues.

Mining interests generally, including all matters involving mining regulation and enforcement, including the reclamation of mined lands, the environmental effects of mining, mineral land laws and claims, long-range mineral programs, and seabed mining.

Conservation of United States uranium supply.

Geospatial data collection and management, except for nautical charts (or data collected by the National Oceanic and Atmospheric Administration).

Helium supply and management of the Federal helium program.

Rights-of-way over public lands for pipeline transportation of oil, natural gas, carbon dioxide, helium, and hydrogen.

Measures and matters concerning the transportation of natural gas from or within Alaska and disposition of oil transported by the trans-Alaska oil pipeline.

Cooperative efforts to encourage, enhance and improve international programs for the protection of the environment and the conservation of natural resources otherwise within the jurisdiction of the Subcommittee.

Rights-of-way over public lands for energy-related transmission.

All matters relating to mineral withdrawals on public lands and public forest lands.

General and continuing oversight and investigative authority over activities, policies, and programs within the jurisdiction of the Subcommittee.

Republican Membership:

Vice Chairman Nick Begich
(R-Alaska)

Rob Wittman
(R-Va.)

Paul Gosar
(R-Ariz.)

Daniel Webster
(R-Fla.)

Russ Fulcher
(R-Idaho)

Tom Tiffany
(R-Wis.)

Mike Collins
(R-Ga.)

Mike Ezell
(R-Miss.)

Harriet Hageman
(R-Wyo.)

Wesley Hunt
(R-Texas)

Jen Kiggans
(R-Va.)

Jeff Hurd
(R-Colo.)

Jeff Crank
(R-Colo.)

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Politicians Are Coming For Public Land, Backcountry Hunters & Anglers Aim to Stop It

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Politicians Are Coming For Public Land, Backcountry Hunters & Anglers Aim to Stop It

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I'll be honest, I've been trying to put this story together for a while now. But due to the firehose of news revolving around public lands and public land access, it's been tough.

Whether it's the laying off of thousands of Bureau of Land Management, Forest Service, or other federal workers, or the constant drumbeat of "Drill, baby, drill!," in addition to attempted land grabs and sell-offs; all of this has made it difficult to put this story together.

Things have been changing within hours of White House-sent Executive Orders, and keeping up with all that's happening feels like a Sisyphean task. And that's coming from someone who spends a good deal of his time reporting on public land access. But since the powersports community as a whole relies so heavily on it, preservation of that access is paramount. I'd also hate for the many off-roaders, hikers, campers, climbers, hunters, fishermen, and also my own children to not have the same public spaces that I truly love.

I'm sure that Kaden McArthur, Backcountry Hunters & Angler's Director of Policy & Government Relations-with whom I spoke what feels like three years ago, but was actually two weeks prior to publication-is exhausted. The group has spent decades fighting for public land access for all, and it doesn't plan on throwing in the towel any time soon.

"So much of this is not new," says McArthur, adding, "We've seen these attacks, these same attackers for decades at this point. Going back a number of years with folks, mostly out west, but across the country who just have a deep philosophical opposition to the idea of federal public lands, yet these are the landscapes that provide so many opportunities for folks that hunt and fish and recreate in a number of different ways."

That philosophical opposition has largely come from folks within the extractive community. In other words, the oil and gas producers, the housing developers, and the politicians who enable them and who are patrons of these executives. For just a few examples, see Utah's failed Supreme Court Hail Mary to seize control of federal land, Wyoming's recent attempt at state-level seizure, or really all of Project 2025.

"The intensity of that anti-public land sentiment ebbs and flows [from these actors], it was really boiling up between the years of 2012 to 2017. And then kind of died down for a while but it's pretty clear that in the last year or so that those efforts have been reinvigorated," furthers McArthur.

Speaking about Utah's frivolous lawsuit, engaged by Attorney General Sean Reyes and Governor Spencer Cox, McArthur said, "A lot of them run off the same old playbook, and some of them are new. But you know, this lawsuit from the state of Utah is a little bit different than what we've seen before. In many ways, it looks similar to past iterations, going straight to the Supreme Court, as this is something that's under the original jurisdiction of the Supreme Court given that it's a state-to-federal government issue."

He then added, "But then you have kind of this idea that there's some ambiguity and some distance between what the state of Utah is saying and what their lawsuit actually portrays. When folks actually take a look at it on the surface, they're arguing to have 18.5 million acres transferred to the state of these so-called unappropriated BLM lands. But when you get under the hood, to be clear, this lawsuit is asking the question of whether or not the federal government has the constitutional authority to own public lands, period, and that's a very different question."

It's a question that obviously haunts Backcountry Hunters & Anglers, as well as myself and countless others within the public lands space. It should haunt your dreams, too.

Right this very second, over 5,000 federal employees within the public lands space have been laid off by President Trump and his best buddy, Elon Musk. More are likely coming. And all of these firings are under the lie that is 'trimming the fat' and 'finding corruption within the federal government.' What's also frustrating, however, is that there is likely fat to be trimmed; just not like this.

I don't necessarily agree with how the federal government manages public lands or makes decisions. But in going about it in the way they have this time around, they've taken sledgehammers to much of the infrastructure that allows the federal government to manage public lands.

They've fired backcountry forest firemen. They've sent away those who manage avalanche controls and monitor avalanche-prone areas. They've gutted the services that manage national parks and monuments, as well as the services that help maintain public land access and trails. And they've cut funding to countless departments and services that help maintain our public lands' biodiversity and ecosystems, which, for you hunters and fishermen, means you may not fill your tags in the coming years.

More than that, these cuts are intended to disguise their true objective: The disposal of public lands. Project 2025 makes it pretty clear that that's their end goal.

"I think there's a philosophical disagreement that a lot of Westerners have. But that said, when you look at the polling from how folks out West feel about public lands, it's the general public feels very differently than decision-makers," says McArthur. Public land approval ratings are seemingly fixed, and have been fixed for years, above 70% for years now. McArthur added, "There's a lot of history here. In the past, the Republican Party has had a national platform that called for the disposal of federal public lands. So I think you have some degree [to which] industry interests that are working in tandem with elected officials, and then I think that provides space where elected officials might not understand what their constituents are asking for."

That ask being: Keeping federally-owned public lands in the hands of the feds instead of the hands of the state, who've proven time and time again that all they want to do is sell it off.

See the current House of Representatives rules for the 119th Congress that make it easier for the federal government to sell off public lands. They're further enabling this by making these lands unmanageable. By cutting staff, services, and more, they're making it easier to make the case that the federal government shouldn't be in the business of managing land. They want to make everything terrible so people get more upset with the federal government's management so they could argue that the states could do it better. See also: The current state of the US Postal Service, and attempts to make it fail so it, too, can be privatized.

After my speaking with McArthur, and after the layoffs, Backcountry Hunters & Anglers put out a press statement. It reads in part, "You'll soon see the results of these tragic cuts - trails and roads in disrepair, trash-strewn campgrounds, reduced wildfire resiliency, and a staggering blow to the stewardship of our fish and wildlife resources. We also can't speak of these cuts without mentioning the terrible impacts of these firings on the public servants at these agencies - and their families - who have dedicated their lives to safeguarding our shared public resources. This announcement follows news from last year that the USFS will be unable to hire non-fire seasonal employees due to a budget shortfall. Lawmakers have sought to underfund and short-staff these agencies in an attempt to promote the transfer or privatization of our public lands."

There are bright spots through the fire and the flames, however. Recently, Congressman Ryan Zinke introduced the Public Lands in Public Hands Act.

For those who don't know Zinke, he represents Montana in the House of Representatives, and was also the Secretary of the Interior under Trump during his first term. He's a staunch conservative, too.

But he's also been steadfast in his belief that public lands should remain a public resource throughout his career. "We have a number of champions in the Republican party who do care a lot about public lands. And we're certainly trying to use that as a gateway to allow more folks to feel emboldened as they can also exhibit the same sentiments," said McArthur. Zinke is "a good example" of that and "has been a champion of keeping public lands in place."

Partnering with Democratic Congressman Gabe Vasquez from New Mexico, The Public Lands in Public Hands Act is designed to maintain "public access to public land by banning the sale or transfer of most public lands managed by the Department of the Interior and U.S. Forest Service except under specific conditions and where required under previous laws. The bill also requires Congressional approval for disposals of publicly accessible federal land tracts over 300 acres and for public land tracts over 5 acres if accessible via a public waterway." Whether this bill goes anywhere is anyone's guess, but it's been referred to the Subcommittee on Forestry.

Congress, though, hasn't wanted to do its job of governance for decades. So there's that.

McArthur also told me that Zinke has spoken with House Speaker Mike Johnson about public lands, adding, "In addition to that bill, Congressman Zinke has also made pretty publicly clear that he has asked Speaker Johnson to not move forward legislation that would dispose or sell or privatize public lands." But then he expanded by saying, "But that's something that we're nervous about right now."

Why? "I mentioned all of this firestorm going on at once," says McArthur, "This lawsuit by the state of Utah sort of emboldening others right now. Congress is in a somewhat unique situation where both chambers are controlled by the same party, the Republican Party, and the White House as well. And that allows for a kind of a unique legislative process known as budget reconciliation. Without getting deep into the weeds, budget reconciliation allows for a bill to be passed that cannot be filibustered in the Senate. Meaning it can be passed with 51 votes in the Senate, which typically is not the case, and making it possible for legislation to pass on purely partisan lines."

To be fair, both parties have used this power in the past for various reasons. But with the push toward the disposal of public lands, any vote on it could come down to a few people breaking with party lines in order to save them. "As I mentioned earlier, Congressman Zinke has gone out and publicly told the press as well as Speaker Johnson that, 'I don't support doing that.'

And where we agree with folks like Zinke is, 'Hey, let's make sure we keep like the most basic American ideals off the chopping block here.' With a bill like [the upcoming budget reconciliation bill] and narrow majorities in Congress, they can really only afford to lose a very select few number of votes," says McArthur.

How then, when the deck feels so stacked against the public, do we fight back and preserve the public lands and spaces we all love?

"I think a big part of it is finding grassroots organizations that you agree with as an individual. Whether they speak to a specific recreation activity you enjoy, like hunting and fishing, or biking, hiking, whitewater [rafting], or other enthusiasts who can help translate that message as it comes from Washington D.C. or as it comes from your state capital and provide the context and help alert you to opportunities to weigh," states McArthur, "Of course, anybody could do this on their own as an individual. But it really helps to find folks who are willing to sort of provide the necessary information to make informed decisions and weighing in on these things, and to amplify that voice. That's what organizations like Backcountry Hunters & Anglers have. To amplify their voices."

He added, "Especially with how fast things happen and how complicated so many of these things are. Right, we're talking about Congress using obscure budget procedures that could have enormous impacts on public lands. It's very difficult to know without having trusted sources who you can rely on to engage with these things."

As to whether there's hope for these fights, McArthur said there's always hope.

"I think it's going to be a continual struggle," says McArthur. "I know I do have hope for the future of public lands in part because it's so very evident that most Americans love this idea, they cherish this idea. They're heavily used and more people are doing outdoor recreation than ever before. These are all really good indicators that there's a public, an electorate, a citizenry that really values these places. But there's always going to be interests in privatization, folks that have, you know, philosophical opposition to the concept of public lands."

What struck me as more hopeful than anything, however, is what McArthur said next. "You know, there's a lot of turnover in the halls of Congress and the state legislatures. And certainly a lot of folks who overstay their welcome as well. But there's a lot of turnover and so there are constantly folks that need to be educated on these issues and need to be educated by their voters and need to be educated by the public. The folks that were championing attacks on public lands 5, 10, 15 years ago, a lot of them are gone and there are new folks that we're trying to educate and hopefully turn into champions for public lands. But it's a process. Over and over and over again."

While these truly disdainful Executive Orders fly furiously from the President's desk, Congressional elections are just around the corner. State elections happen more infrequently, and less on a timetable, but recalls can also occur.

And the American electorate, by and large, wants to keep public lands in public hands. They don't want these lands to disappear. They want to use them to wonder at their beauty. To ride off into the sunset on an ATV or UTV or dirt bike. They want to fish and hunt and hike and camp. They want these lands to remain public goods. And that's something that'll be tough to tamp down.

So please, go out and call your federal representatives, go out and call your state representatives, and go out and support groups like Backcountry Hunters & Anglers and others who are doing the on-the-ground work to ensure that your public lands aren't sold to the highest bidder.

Because if you don't, everyone loses.

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Politicians Are Coming For Public Land, Backcountry Hunters & Anglers Aim to Stop It

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There have been increasing attacks on public lands. Backcountry Hunters & Anglers, fighting for all public land users, are at the forefront and have been for decades. They're needed now more than ever.

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Trump Quietly Plans To Liquidate Public Lands To Finance His Sovereign Wealth Fund

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Trump Quietly Plans To Liquidate Public Lands To Finance His Sovereign Wealth Fund

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Sam Hananel Senior Director, Media Relations

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Trump Quietly Plans To Liquidate Public Lands To Finance His Sovereign Wealth Fund

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President Donald Trump’s executive order to create a sovereign wealth fund requires that the United States come up with heaps of cash quickly, which may make selling out and selling off public lands irresistible.

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U.S. Senate Committee on Energy an d Natural Resources

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U.S. Senate Committee on Energy an d Natural Resources

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U.S. Senate Committee on Energy and Natural Resources