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?