Bill > HB1330

This bill amends North Dakota's existing law regarding the prudent investor rule for the state's legacy fund, introducing two key provisions. First, the bill requires the state investment board to give preference to investment firms and financial institutions that have a presence in North Dakota. Second, the bill allows the state investment board to divest from Chinese companies, which are defined broadly as any business entity formed and domiciled in China, including their subsidiaries, parent companies, and affiliates. The definition of "company" is comprehensive, covering various types of business organizations from sole proprietorships to limited liability companies. By expanding the investment board's discretion to exclude Chinese companies from the legacy fund's investments, the bill reflects potential geopolitical concerns and aims to provide more flexibility in managing state investment strategies.