On March 3, 2022 the North Dakota State Investment Board rightly voted to divest itself of investments in Russian entities or securities issued by Russian entities.
Unfortunately, much of the meeting was conducted behind closed doors where the press and citizens were not able to see and hear the board members in action. The room chosen for the meeting was also small and not accommodating to the public. I called the Attorney General’s office questioning the legality of the arrangements but was told it met legal muster.
The meeting, which others and I had called for earlier, was to discuss North Dakota’s Legacy Fund and other state investments in Russia in light of the country’s continuing attacks on Ukraine. The Fund holds about $8 billion dollars. I had suggested that the Board also address China investments and offer some support to the citizens of Ukraine.
Unfortunately, in the same week Gov. Burgum also signed onto Republican governor’s statements shorting President Biden’s State of the Union address. These statements focus on drilling oil on unleased land, our southern border, and at a time when our country is moving closer to nuclear midnight. This is shortsighted and unhelpful. I have suggested three actions.
- We must withdraw all Russian and Chinese investments. We must redirect these Legacy Funds to finance North Dakota public projects. These many millions are needed right here in North Dakota. Our Legacy funds are being shipped to Wall Street at an investment cost and then are being borrowed back at an interest cost. Our cities, townships, counties, and state government could save some tax dollars if we stopped that merry-go-round. Yes, the Legacy Fund has a purpose to grow for a future use when the one time harvest of oil and gas is gone. But in the meantime let’s use its principle, not just let other states use its principle for their infrastructure.
- We need to direct existing oil and gas company leaseholders in North Dakota to follow the law of production requirements. We have wells that have under produced oil or gas for over a year; they should be placed into abandoned well status. There are also leased lands that have wells drilled but left uncompleted waiting for even higher prices. The Industrial Commission could change this and not let the world and North Dakotans be at the mercy of dictators and oil and gas companies. We need more action on the leases already granted instead of complaining about getting more leases on federal lands.
- We should offer to resettle 10,000 Ukrainian refugees in North Dakota. Over one million Ukrainians have become refugees since Russia invaded their country. We do not know how long Putin will try to wage this senseless war of aggression. For many North Dakotans, our ancestors immigrated to the United States from what is now Ukraine. It would not be a stretch to welcome them into our communities, as their ancestors welcomed us hundreds of years ago. We also have jobs galore that many would treasure to have along with our secure government status.
President Zelensky and Ukrainian citizens are brave enough to take up arms to protect their freedom and homelands. Our investment boards can act immediately to divest ourselves of communist regimes and we can act hospitably to persons who suffer from war and strife. After all, they need us and we need them.
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YOU SHOULD KNOW
Senator Tim Mathern
433 16th Ave S, Fargo
(701) 893-5016
