The proposed bill aims to establish regulations regarding the investment of North Dakota's legacy fund, specifically prohibiting direct holdings in Chinese companies. It introduces a new section to chapter 21-10 of the North Dakota Century Code that defines key terms related to Chinese investments and mandates the state investment board to review current holdings. The board is required to develop a divestment plan that ensures at least 20% of the total value of Chinese investments is divested annually, with complete divestment by August 1, 2030. Additionally, the bill amends section 21-10-07.1 to emphasize the preference for local investment firms and allows for divestment from Chinese companies.

Furthermore, the bill creates a new subsection to section 21-10-11, permitting the legacy fund to invest in large-scale infrastructure projects when beneficial to the state. It also stipulates that the legacy fund advisory board and the state investment board should diversify investments unless special circumstances warrant otherwise. The bill includes an expiration date, rendering it ineffective after July 31, 2027.

Statutes affected:
Adopted by the House Industry, Business and Labor Committee: 21-10-07.1
FIRST ENGROSSMENT: 21-10-07.1
Adopted by the Senate Industry and Business Committee: 21-10-07.1