JAMESTOWN, N.D. (NewsDakota.com) – District 12 legislators announced plans today to introduce the “Legacy Fund Transparency Act” in the upcoming legislative session. The proposed law will require the State Investment Board (SIB) to publicly disclose all investments in the Legacy Fund on its website, allowing citizens to track how their tax dollars are being invested.
Senator Cole Conley emphasized the importance of transparency in state investments, especially in the digital age. “Every citizen should be able to go online and see where billions of their tax dollars are going,” Conley said. “It’s a no-brainer in the internet age. The public and the media should not have to file a formal open records request to see where their money is being invested all around the world,” a media release states.
Representative Bernie Satrom echoed the need for more openness, noting that many of their constituents feel uninformed about how the state’s $10.8 billion Legacy Fund is managed. “Our constituents are not aware that the $10.8 billion Legacy Fund is being invested in over 60 foreign countries ranging from Argentina to China to Thailand – virtually everywhere but North Dakota,” Satrom said. “And most of our colleagues in the legislature don’t even know.”
Representative Mitch Ostlie added that the delegation’s research uncovered discrepancies in the information released to the public regarding certain investments. “There are two different lists for many countries the Legacy Fund is invested in – one that is released to the public and one that is buried from public view,” Ostlie stated. “This is unacceptable. Our legislation will shine a light on all these investments which include foreign companies and countries working against the interests of our own state.”
The District 12 Republicans also praised U.S. Representative Kelly Armstrong for raising concerns about transparency during his campaign for Governor. The legislators expressed optimism about collaborating with Armstrong, who has previously called for more oversight regarding the Legacy Fund’s investments. “We look forward to working with Governor Armstrong who has already called for more transparency regarding the investments of the Legacy Fund,” the delegation stated. “We are confident he will lead the effort to reform the actions of the State Investment Board and their lack of transparency.”
Additionally, the lawmakers voiced concerns that the State Investment Board may be mismanaging the Legacy Fund by treating it like a pension fund. Ostlie clarified, “The Legacy Fund is not a pension fund. It has no pension obligations down the road. It is a sovereign wealth fund meant to grow and diversify our own economy for the day we cannot rely on all those oil and gas tax revenues.”
Conley underscored the urgency of investing in the state’s own economy. “We need to invest in North Dakota first before we invest everywhere but North Dakota. We need to get serious about this and we need to get started now,” the senator said.