Investing 'Legacy Fund' money in ND | Prairie Public Broadcasting

Investing 'Legacy Fund' money in ND

Jan 20, 2021

Rep. Mike Nathe (R-Bismarck) and a group of lawmakers introduce the bill to require the state Investment Board to invest 20% of Legacy Fund money in the state of North Dakota.
Credit Dave Thompson / Prairie Public

A group of legislators has introduced a measure to designate 20 percent of the Legacy Fund’s principle to make investments in North Dakota companies.

It directs the state Investment Board to make those investments.

"This is a bill a lot of us believe in," said the bill's chief sponsor, Rep. Mike Nathe (R-Bismarck) at a Capitol news conference. "It is something the public has been calling for, to use the Legacy Fund wisely."

Nathe said anytime you can invest in North Dakota, you invest in ourselves.

Greg Tehven is the executive director of Fargo’s Emerging Prairie. He told reporters a few years ago, his organization, in partnership with the Department of Commerce and the Bank of North Dakota, brought over 100 entrepreneurs to meet with elected officials.

Tehven one of the biggest challenges they pointed out was access to capital.

"Capital gets capital," Tehven said. "This not only will allow companies to grow, but it will also attract talent, and provde additional opportuinities in each of our communities."

The bill has bi-partisan sponsors – and will likely be heard in a House committee next week.