A new bill has been approved in Jamestown, North Dakota, requiring the State Investment Board to create a public website listing all Legacy Fund investments. Sponsored by Reps. Ostlie, Satrom, and Sen. Conley, the bill aims to increase transparency surrounding the Legacy Fund, a perpetual source of state revenue from oil and natural gas resources. The website will disclose investments in companies, funds, and financial mechanisms in compliance with state and federal laws. However, concerns remain about the lack of full disclosure, particularly regarding $3.1 billion in hidden underlying investments. The bill’s approval is seen as a first step towards improving transparency and making North Dakota investments a priority. Jodi Smith of the Retirement and Investment Office believes the website will reduce open records requests related to the Legacy Fund. The move comes as part of ongoing efforts to diversify the state’s economy for future generations. Overall, the bill represents progress towards greater accountability and oversight of the Legacy Fund’s investments.
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