ND Senate fails bill to divest Legacy Fund from China
Sens. Cole Conley and Terry Wanzek, both R-Jamestown, voted in favor of House Bill 1330.
HB 1330 would have added language to the prudent investor rule to define a Chinese company as a company domiciled in China.
Sen. Sean Cleary, R-Bismarck, a supporter of the bill, said HB 1330 allows but does not require the State Investment Board to divest Legacy Fund holdings from Chinese companies.
"I think there's circumstances where it's appropriate for the SIB (State Investment Board) to take a look at all the factors that are surrounding where our Legacy Fund is invested and make a decision based on those factors," he said. "I think a green vote on this bill positions them to do that. It gives them the flexibility to divest from direct investments in China."
Sen. Cole Conley, R-Jamestown, a sponsor of the bill, said the Legacy Fund is being used to invest in China's sovereign wealth fund.
"I'm not sure why we are doing that," he said.
Sen. Jeffery Magrum, R-Hazelton, said the state could lose money on its Legacy Fund investments in Chinese companies if the U.S. goes to war with China.
"I think divesting would have been great, but if the state investment board has the option to say, we need to pull the plug on our investments over there, it does give them the option," he said.
In 2010, North Dakota voters approved a measure that created the Legacy Fund, which is a perpetual source of state revenue from the finite national resources of oil and natural gas, according to the Office of State Treasurer's website. Thirty percent of the taxes on petroleum produced and extracted in North Dakota are transferred to the Legacy Fund monthly, according to the North Dakota Retirement and Investment Office's website.
The Legacy Fund has over $12 billion as of Jan. 31. It has earned over $600 million for the 2023-25 biennium.
The State Investment Board has statutory responsibility for the administration of the investment programs of several funds including the Legacy Fund, according to the Retirement and Investment Office's website.
Sen. Michael Dwyer, R-Bismarck, who opposed the bill, said about $22 million of the Legacy Fund is in direct holdings in Chinese companies.
"The State Investment Board operates under a prudent investment rule and there might be one of those investments that is an excellent investment," he said. "They would need the authority to divest themselves from that if they were going to violate the prudent investor rule."
Sen. Jerry Klein, R-Fessenden, who opposed the bill, said it would be the first time a specific nation was listed in the North Dakota Century Code if the bill were to pass.
"We've got investments around the country, and the federal government allows us to invest there," he said. "They have a list of countries where we can't invest, so that provides some of that comfort that we were looking for."
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
31 minutes ago
- Yahoo
MEDIA ADVISORY: The Brick unveils brand new concept, freshly designed 43,000-square-foot showroom in the heart of Richmond, B.C.
Grand opening celebration on July 17, 2025 RICHMOND, British Columbia, July 14, 2025 (GLOBE NEWSWIRE) -- WHAT: Join us for the official grand opening and unveiling of The Brick's newest showroom in the heart of Richmond, B.C. The freshly designed 43,000-square-foot showroom will offer an unparalleled shopping experience for customers looking for home furniture, mattresses, appliances, electronics and more—continuing the legacy of quality and service that Canadians have trusted since 1971. The celebration kicks off with a Media Night on Thursday, July 17 at 5:00 p.m., featuring an official ribbon-cutting ceremony, live music, traditional lion dancers, on-site artists and an assortment of food and beverages. The official Grand Opening takes place on Saturday, July 19, and features an eye dotting ceremony, a lucky lettuce toss, and complimentary Chinese bakery treats. A traditional lion dance performance will begin at 2pm. As part of the festivities, The Brick is offering showroom visitors the opportunity to win over $20,000 in prizing, including a $10,000 Brick shopping spree, from July 17 to 31, 2025 (restrictions apply). WHO: Darci Walker, President, The Brick WHEN: Media Night: Thursday, July 17 at 5:00 p.m. Official Grand Opening: Saturday, July 19 WHERE: The Brick Showroom 4571 McClelland Rd, Unit #2205 Central at Garden City, Richmond, B.C. Media Contact:Lisa LibinBrookline Public Relations, Inc. 403-815-5626llibin@ beim Abrufen der Daten Melden Sie sich an, um Ihr Portfolio aufzurufen. Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten
San Francisco Chronicle
34 minutes ago
- San Francisco Chronicle
Voting in Wisconsin's governor's race is a year away, but the ads are starting
MADISON, Wis. (AP) — Wisconsin's race for governor is hitting the airwaves more than a year before voting begins. Republican candidate Bill Berrien announced the purchase of about $400,000 in cable TV, radio and online ads Monday. The buy comes 13 months before the Aug. 11, 2026, primary. Berrien is the first candidate to purchase ads of any kind in the race. Berrien and Washington County Executive Josh Schoemann have announced bids as Republicans. It is the first campaign for each of them. Several other Republicans, including U.S. Rep. Tom Tiffany, two-time losing U.S. Senate candidate Eric Hovde and state Senate President Mary Felzkowski are all considering running. Schoemann has been traveling the state and meeting with voters since he launched his campaign in May, but he has yet to spend any money on ads like Berrien is doing. 'Money buys ads, but as we've seen far too often in Wisconsin, it can't buy wins," Schoemann adviser Ben Voelkel said. "It takes hard work and authenticity to earn voters' support, not just slick ads.' Democratic Gov. Tony Evers hasn't said whether he will seek a third term. He has suggested that he will announce his decision within weeks. A spokesperson for Evers had no immediate comment on the Berrien ads. Wisconsin Democratic Party spokesperson Phil Shulman accused Berrien of trying to 'buy himself Trump's affections.' 'Sadly, for Bill Berrien, he's going to learn the hard way that money can't buy you an election in Wisconsin,' Shulman said. Berrien's ads are slated to begin airing Tuesday, less than a week after he launched his campaign. The ads lean into Berrien's support for President Donald Trump, which has been questioned by influential conservative talk radio hosts. Berrien criticized Trump's handling of the COVD-19 pandemic and said during an August 2020 interview with Fox Business that he hadn't decided whether to support Trump for president that year. In 2024, Berrien supported former United Nations Ambassador Nikki Haley's run for president in the GOP primary and donated more than $30,000 to her campaign. Berrien was also a member of the bipartisan group Democracy Found, which advocates for using ranked-choice voting and making primaries nonpartisan. But Berrien told the Milwaukee Journal Sentinel last week that he no longer supports those ideas. Berrien is positioning himself as a staunch Trump backer in his first ads of the race. They are airing statewide, but with an emphasis on Milwaukee and Green Bay, his campaign said. The largest number of Republican voters in the state are in the Milwaukee media market, and Green Bay is a critical GOP area, especially in primaries. In the ads, Berrien calls himself 'an outsider and a businessman just like President Trump.' Berrien says he's running for governor to 'advance the Trump agenda, shake up Madison and put Wisconsin citizens first." Berrien, 56, served nine years as a Navy SEAL and has been owner and CEO of Pindel Global Precision and Liberty Precision, manufacturers of precision-machined components in New Berlin, a Milwaukee suburb, for the past 13 years.
Bloomberg
39 minutes ago
- Bloomberg
Senate Democrats Say Trump ‘Ceding Global Leadership' to China
Democrats on the Senate Foreign Relations Committee accused the Trump administration of 'ceding global leadership to China,' citing the trade war and a retreat from international engagement through cuts to foreign aid and media agencies. In a report released Monday, the committee's minority members said the country under President Donald Trump was 'undercutting alliances and economic partnerships and weakening our ability to out-compete China.' It comes as House Republicans are proposing an appropriations bill that would slash foreign assistance and solidify the closure of the US Agency for International Development.
