Advisory board pauses transfers to BND’s CD Match program pending bank report
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Summary
The advisory committee voted to pause transfers from Rio to the Bank of North Dakota’s CD Match program and asked staff to secure a report from the bank and a cost‑benefit analysis from RBK before resuming transfers.
Representative Bosch moved and the committee approved a temporary pause on transfers from Rio to the Bank of North Dakota’s (BND) CD Match program, citing concern that a large tranche of statutory funds has been largely inactive and could be earning higher returns elsewhere.
The motion to pause transfers — made to give the board time for "constructive conversations" and for a bank report — passed on a roll‑call vote after members requested a cost‑benefit analysis from the legislature’s consultant firm RBK. Representative Bosch framed the measure as a prudential pause: "If we could just pause that program now," he said, asking the board to gather information before the legislative session.
Supporters said the pause will allow the committee to examine whether the program’s statutory allocation remains the best use of Legacy Fund dollars. Treasurer Trevor Beattle said he "certainly" supported the motion and suggested staff obtain RBK analysis to quantify the fiscal effect of capping or altering the program’s allocation. Some members noted the bank was not present to provide an outlook and asked staff to invite the bank to the next meeting.
Background and what the pause does: committee materials and speakers said the CD Match program is a statutorily authorized in‑state allocation that has remained largely unchanged for several years. Committee discussion included figures cited in the presentation — roughly $286 million cited for the in‑state CD Match allocation and other in‑state program balances — and that the program has not seen substantial new investments flow through recently.
Next steps: staff will request a report from the Bank of North Dakota on foreseeable pipeline opportunities and implementation constraints, and RBK will be asked to prepare a cost‑benefit analysis of possible statutory adjustments. The committee noted the pause could be reversed before the legislative session if the bank shows it would meaningfully impair available projects.
The motion carried on roll call; Adam called the roll and the chair announced the motion carried. The committee returned to its meeting agenda after the vote.
