BISMARCK, N.D. (KUMV) – House lawmakers passed a bill requiring the State Investment Board to divest Legacy Fund earnings from China.
The amended House Bill 1330 calls on the board to determine all direct holdings belonging to companies formed and domiciled in China and develop a divestment plan. At least 20% of the total amount must be divested by August and be completely done by August 2030.
Supporters say the state needs to get their money out of the nation’s foreign adversaries.
“I think that getting out of China would be very, very prudent. I think the voters in your districts would agree wholeheartedly,” said Rep. Bernie Satrom, R-Jamestown.
The bill will now be discussed by the Senate.
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