Legacy Fund: Nathe bill changes makeup of advisory board

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Another big topic during the special session was the asset allocation plan for the equity tract of the Legacy Fund. 7% of the Legacy Fund, some $700-800 million dollars, is available for in-state investing.

House Bill 1512 changes the makeup of the Legacy Fund Advisory Board, the body responsible for allocating those fund dollars.

The amendment adds one additional member from the House, and one additional member from the Senate, making it six legislators on the board. The Legacy Advisory Board will also add the Insurance Commissioner and Tax Commissioner, and select a new Chairman every year.

Representative Mike Nathe, who spearheaded the bill, says the changes will work to address issues with the in-state investing program application process.

“It’s my hope that these new members of the legislature who all have financial backgrounds and have the history of doing this sort of thing will take the ball and run with it because again they have heard from the legislature, they have heard from the public after this week that the people expect action on this seven percent, they expect this to get going. A lot the public, a lot of the legislators were not aware that it’s been eight months without action, so this week and the bill has brought a lot of attention to that,” explained Nathe.

Pending Governor Doug Burgum’s signature, the new rules will take effect in December.

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