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North Dakota Senate Defeats Bill That Aimed to Divest Legacy Fund From China

By Bill Dubensky Apr 16, 2025 | 5:40 AM

State Sen. Jerry Klein, R-Fessenden.  (Jeff Beach / North Dakota Monitor)

 

(By:   North Dakota Monitor) –  The North Dakota Senate sank a bill that would have authorized the State Investment Board to divest from Legacy Fund holdings in companies headquartered in China.

Under the “prudent investor rule,” which governs trustees of investment portfolios, the board must prefer “qualified investment firms and financial institutions with a presence in the state.” It cannot choose not to favor a company purely based on its home country.

House Bill 1330, which failed by a 20-26 vote, would have updated this language to let the board voluntarily cut ties with Chinese businesses.

According to the North Dakota Retirement and Investment Office, that applies to only about  $246 million of the $12 billion in the fund. That equates to about 2.1 percent.

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