The North Dakota Senate recently voted against a bill that would have allowed the State Investment Board to divest from Chinese companies. The bill failed by a vote of 20-26, with concerns raised about Chinese human rights abuses and national security threats. Critics of the bill argued that it would hinder the growth of the Legacy Fund by discouraging investment in an entire country’s market.
Primary sponsor Rep. Bernie Satrom advocated for divesting from Chinese companies, citing human rights violations and national security concerns. However, Sen. Sean Cleary supported the bill, stating that it addresses these issues while still giving the State Investment Board flexibility in managing investments.
Opponents of the bill, such as Sen. Jerry Klein, argued that it is uncommon for North Dakota to single out countries in state law. The Retirement and Investment Board remained neutral on the issue.
The Senate recently passed another bill related to the Legacy Fund, requiring the Retirement and Investment Office to create a website detailing the fund’s holdings. With discussions ongoing about the ethical implications of investing in Chinese companies, the debate over divestment from Chinese businesses is likely to continue in North Dakota.
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