JAMESTOWN, N.D. (NewsDakota.com) – North Dakota lawmakers are questioning the transparency of the State Investment Board (SIB)’s management of the state’s legacy fund, saying it is They claim that billions of taxpayer dollars could be invested. In a letter to Jean Murtha, Congressman Bernie Satloum highlights that recent reviews of public records and SIB meeting minutes raise concerns about oversight and decision-making processes within the board. did.
Congressman Satrom said the review highlighted several controversial investments, including Russian government bonds from before the invasion of Ukraine and stocks in Chinese companies that have been linked to fentanyl trafficking, terrorism and human rights abuses. That’s what it means. The letter also identifies investments in the oil and gas sector outside the United States, including foreign competitors controlled by various governments, as well as investments in several global banks working to phase out fossil fuels. Satrom warned that this attitude could have a negative impact on North Dakota’s economy.
“We are compelled to ask whether SIB staff and directors had prior knowledge that these investments were earmarked for the benefit of the Legacy Fund,” the letter reads. “These funds, derived from state oil and gas tax revenues, must be managed transparently and in a manner consistent with the state’s best interests.”
The letter states that North Dakota is spending millions of dollars to fight tobacco use, while also investing in tobacco companies and large sums of money in Chinese companies linked to military and espionage activities. Further investments are detailed, including shares in
To address these concerns, Mr. Satrom announced plans to introduce the Legacy Fund Transparency Act in the next Congress, aimed at ensuring transparency in legacy fund investment decisions. Satrom said the bill supports the “right to know” how public funds are invested and managed.
The State Investment Commission has not yet publicly responded to the questions raised. However, Mr Satrom expressed urgency and stressed the need to clarify the extent of SIB members’ knowledge regarding legacy fund investments.
The Legacy Fund, also known as the “National Fund,” was established to protect tax revenue from the state’s oil and gas industry and provide long-term economic security for North Dakota residents.
