Board crafting plan for in-state investments names chairman

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BISMARCK, N.D. (AP) — A longtime lawmaker has been chosen to head an advisory board developing guidelines for in-state investments from North Dakota’s voter-approved oil tax savings account.

Fessenden Republican Sen. Jerry Klein was elected chairman Wednesday of the newly reconfigured Legacy and Budget Stabilization Fund Advisory Board.

GOP Rep. Keith Kempenich had led the board for nearly a decade.

Kempenich has been criticized by some lawmakers for allegedly delaying the implementation of bipartisan legislation approved in March aimed at creating a broader investment policy for the state’s Legacy fund.

Kempenich and Klein say implementing the legislation is complex and takes time.

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