The North Dakota Senate voted 20-26 on Tuesday against legislation that would have allowed the State Investment Board to divest Legacy Fund holdings from Chinese companies. The bill would have affected about $246 million (2.1%) of the $12 billion fund. Rep. Bernie Satrom cited human rights abuses and national security concerns as reasons for the proposal, with Sen. Sean Cleary supporting these concerns. Opposition led by Sen. Jerry Klein argued the bill would harm fund growth and inappropriately target an entire country. The vote comes shortly after Gov. Kelly Armstrong signed separate legislation requiring transparency through a website detailing all Legacy Fund investments.
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