MINOT, N.D. — Earlier this year wide majorities in the state Legislature passed House Bill 1425 which directed the investment of 20% of the state’s Legacy Fund into North Dakota companies and projects.
It’s a wonderful idea, aimed at leveraging some of our billions in the Legacy Fund to build infrastructure and provide capital to ventures in our state.
That fund has, since its inception, been invested in companies and infrastructure bonds around the nation and the world. All House Bill 1425 does is direct a percentage of those investments toward those sorts of opportunities in our state, while also asking that North Dakota firms be given an opportunity to manage those investments.
Unfortunately, the implementation of the policy has, so far, been something less than inspiring.