Lawmakers debate bill to require Legacy Fund divestment from Chinese companies

Bismarck — The House Industry, Business and Labor Committee held a lengthy hearing on House Bill 1330, which would require the State Investment Board to divest all Legacy Fund holdings in companies ‘‘publicly known to be majority owned by, controlled by, or subject to the jurisdiction or direction of China.’’ Representative Bernie Satrim (District 12) sponsored the bill and framed it as a transparency and national-security issue.

‘‘This bill requires the State Investment Board to divest of all its legacy fund investments in China. It’s long overdue,’’ Satrim told the committee. He cited a list of companies and alleged harms — from intellectual-property theft to ties to state actors — and said North Dakota should not be investing in firms that support activities he described as inimical to U.S. interests.

Supporters repeatedly urged greater transparency in Legacy Fund holdings. Satrim said portions of the fund’s holdings are opaque: ‘‘We have $3,100,000,000 that we really don't know…