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North Dakota Legislation Mandates Divestment from Chinese-Owned Companies


North Dakota lawmakers are considering a bill to divest money from the Legacy Fund away from Chinese-owned businesses. The bill would review all Legacy Fund investments for Chinese securities, requiring a plan to divest at least 20 percent of Chinese investments each year by 2025. Republican Representative Bernie Satrom highlighted the need to take a stand against supporting countries deemed as bad actors. Opposition to the bill came from the Retirement and Investment Office, the Legacy Fund Advisory Board, and State Treasurer Thomas Beadle. Indirect investments in Chinese-owned companies, like through mutual funds, would not be impacted by the bill. The bill aims to prevent the state from inadvertently supporting countries that may be considered adversaries. This legislation represents a shift in investment strategy for North Dakota, reflecting growing concerns about investing in Chinese-owned businesses.

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