The bill, SM 1488, is a memorial from the Florida Legislature urging the United States Congress to establish a framework for a sovereign wealth fund. This initiative follows an executive order issued by President Donald J. Trump on February 3, 2025, which directs the Secretaries of the Treasury and Commerce to develop a plan for the fund within 90 days. The Florida Legislature believes that by proactively establishing this framework, Congress can facilitate a more efficient implementation of the fund, which is intended to promote fiscal sustainability, reduce tax burdens on families and small businesses, ensure long-term economic security, fund critical projects, and enhance the United States' economic and strategic leadership on the global stage.

Additionally, the resolution calls for Congress to enact any necessary legislation to support the establishment of the sovereign wealth fund framework. The Secretary of State is tasked with sending copies of this memorial to key federal officials, including the President, the President of the Senate, the Speaker of the House, and each member of Florida's congressional delegation.