The Commerce Department is tapping former Morgan Stanley banker Michael Grimes to lead a planned sovereign wealth fund, part of President Donald Trump’s effort to give the US a stake in projects he considers critical to national security.

The discussions about Grimes potentially leading the efforts to create and spearhead the sovereign wealth fund are ongoing and no decision has been finalized, the sources said, requesting anonymity as the discussions are confidential.

Michael Grimes, a well-known technology investment banker who recently traded his Morgan Stanley (MS) role for a senior advisor role in the U.S. Commerce Department, is set to potentially spearhead the new U.