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15 July 2024

US Treasury urges transparency for sovereign funds

By Agencies


A delegation from the Treasury department has met with executives from two of the world's largest sovereign-wealth funds to discuss embracing a set of promises to not use their wealth for political advantage, the Wall Street Journal reported on Tuesday.

The US delegation met with executives from the Abu Dhabi Investment Authority and from the Government Investment Corp. of Singapore last week, according to the Journal.

The talks are part of global negotiations to draft rules to oversee the behaviour of such funds without discouraging them from investing in the United States at a time of global financial turmoil.

Sovereign-wealth funds are huge pools of government-controlled investment cash and have recently invested in banks including Citigroup, Merrill Lynch and UBS. (Reuters)