Poll Shows Strong Majorities Want Legacy Fund Invested in North Dakota by North Dakotans

North Dakota legislators discuss the process of allocating North Dakota oil taxes to state "savings accounts" including the Legacy Fund and Common Schools Trust Fund. Nick Broadway/ WDAY

MINOT, N.D. — The Legacy Fund has a problem.

The roughly $6 billion pot of money, created from a portion of oil tax revenues by the Legislature in 2009, is almost entirely invested outside of the borders of North Dakota. What’s more, some of those out-of-state investments are morally dubious, including financial backing for the Chinese censor state and bonds for Vladimir Putin’s Russian regime.

The Legacy Fund was created to benefit North Dakotans. So far, absent a defined purpose for those billions of tax dollars, the only people who seem to be benefitting are out-of-state and often out-of-country interests receiving the investments.

Not to mention the dozens of money managers the state has contracted with to make those investments.

Couldn’t we do better?

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Rob Port is the editor of SayAnythingBlog.com, a columnist for the Forum News Service, and host of the Plain Talk Podcast which you can subscribe to by clicking here.

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