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North Dakota lawmakers to propose Legacy Fund Transparency Act

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North Dakota lawmakers to propose Legacy Fund Transparency Act


BISMARCK — Three Republican lawmakers from District 12 plan to bring legislation during the 2025 legislation session to require the state to publish all investments of Legacy Fund money online.

The Legacy Fund was established by a constitutional amendment approved by North Dakota voters in 2010. It’s supported by the state’s oil taxes and is intended to be a source of perpetual revenue for the state. As of June, the fund’s value was nearly $11 billion.

The State Investment Board currently does not disclose specifics about all of the Legacy Fund’s investments.

Sen. Cole Conley, Rep. Bernie Satrom and Rep. Mitch Ostlie, all of Jamestown, said they’re concerned the money could be supporting governments or businesses that oppose North Dakota’s interests, and that this legislation is needed in order to bring such information to light. In 2022, the State Investment Board voted to divest public money including Legacy Fund dollars from Russia.

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“When we invest our principal, we need to have principles,” Satrom told the North Dakota Monitor.

In response to a records request asking for all of the Legacy Fund’s foreign and domestic investments by Bismarck attorney Tory Jackson earlier this year, the state disclosed it had roughly $160 million of the fund invested in what it called the “Emerging Markets Region,” more than $520 million in the “Global Region” and nearly $46 million in the “International Region,” among other holdings.

Jackson requested an attorney general’s opinion regarding the response to his request.

“The public and the media should not have to file a formal open records request to see where their money is being invested all around the world,” Conley said in a statement.

The state Retirement and Investment Office administers the Legacy Fund, following the direction of the State Investment Board.

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Retirement and Investment Office Executive Director Jan Murtha on Monday said she hadn’t seen any proposed legislation, so she could not comment on it.

“It is the role of the Legislature to create the state laws applicable to the Legacy Fund, and the Retirement and Investment Office adheres to the law and will adhere to any changes to the law,” she said.

Murtha told the North Dakota Monitor previously that the state already publishes a lot of Legacy Fund-related data, but some information must be kept under wraps in order to protect the state’s ability to invest. For example, it cannot identify the investments of specific fund managers because that could expose those managers’ investment strategies, which is considered confidential commercial information.

She also noted that the Legacy Fund’s holdings are always changing, so if the state were to publicize all of its investments, it would have to update the list constantly.

Lt. Gov Tammy Miller, who chairs the State Investment Board, has also disputed the claim that the Legacy Fund is not transparent.

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In a gubernatorial debate with U.S. Rep. Kelly Armstrong in April, Miller noted that North Dakotans can already find a lot of information about the Legacy Fund online. The office publishes monthly financial statements and performance reports.

“We have great transparency with the Legacy Fund,” she said at the time.

Armstrong has said during debates that the public should not need to make an open records request to access information about the Legacy Fund.

The North Dakota Legislature passed a bill in 2021 requiring the state to invest a certain amount of the Legacy Fund into the state.

North Dakota’s current target is to invest up to $1.3 billion of the fund in-state.

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Satrom and Conley both said that while they consider the in-state investment program a step in the right direction, they both want to see even more of the Legacy Fund put back into the state’s economy.

“We should be investing in our future,” Satrom said.

The lawmakers are still working on a bill draft, Conley said in an email.

District 12 encompasses most of Jamestown as well as land east and northeast of the city.

The three lawmakers are all running for reelection for their respective seats this election season. The House members are running unopposed. Democrat Olivia Schloegel is running against Conley for Senate.

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This story was originally published on NorthDakotaMonitor.com

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Obituary for Grace Mary Kegler at Gregory J. Norman Funeral Chapel

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Obituary for Grace Mary Kegler at Gregory J. Norman Funeral Chapel


Grace M. Kegler, 94, of Grand Forks, ND passed away Monday, December 23, 2024, at Edgewood Vista in East Grand Forks, MN. Memorial Liturgy 1100 a.m. Saturday, December 28, 2024, with a 1030 a.m. Rosary Service in the Historic Norman Funeral Home Chapel. Family Greeting 1000 a.m. to 1100 a.m.



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Alabama's AP Poll ranking revealed after wins vs. North Dakota, Kent State

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Alabama's AP Poll ranking revealed after wins vs. North Dakota, Kent State


Coming out of a difficult non-conference span of games, this past week was likely a step down in competition for the Alabama Crimson Tide basketball team.

Beginning on Wednesday night, the Crimson Tide did what most programs do not often do, traveling across the country mid-week for a true road game against the North Dakota Fighting Hawks. Alabama would however win that contest in a closer game than most expected, 97-90, and then returned home Sunday for a showdown with the Kent State Golden Flashes in which they were victorious, 81-54.

Because of these results, Alabama now sits at 10-2 overall for the 2024-25 season with the Crimson Tide’s non-conference schedule winding down, and the start of SEC play looming in early-January.

However, just how much did these results affect Alabama’s AP Poll Top 25 ranking, if at all?

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After carrying a ranking of No. 6 last week, Alabama rose one spot up to No. 5 in the latest AP Poll released Monday afternoon. The Crimson Tide were also the third highest-ranked SEC team, trailing only No. 1 Tennessee and No. 2 Auburn.

Riding a four-game winning streak, the Crimson Tide will officially be back in action this upcoming Sunday, Dec. 29 at home against South Dakota State, with tipoff set for 3 p.m. ET on either SEC Network+ or ESPN+.



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WATCH: 'The Masked Man' for North Dakota State Basketball

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WATCH: 'The Masked Man' for North Dakota State Basketball


It has been a year of adjusting for North Dakota State Junior Guard Brennan Watkins, who has found a new home in Fargo after two seasons at VMI.

“It’s different in the stand point that I get to just focus on basketball more. At VMI there was military, a lot of academics and then basketball was kind of an after thought. Obviously there is time for academics but I have more time to be in the gym and get more shots up,” said Watkins looking back at his time out east.

As the Missouri native navigates his first season with the green and gold, Watkins also has to adjust to some new headgear after a gruesome injury in the game against Weber State earlier this season.

“I didn’t even know where I got hit. I just knew there was pain radiating around my face. My reaction was to just put my hands to my face. I kind of took my hands away and my hands were just completely filled with blood and I was like oh no that’s not good” he said.

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Watkins suffered a compound fracture breaking his nose in two places.

“When I was at the game the team doctor readjusted it partially there and they said it was too swollen to completely adjust it. I think once I go back to the doctor they are going to adjust it a second time too. There is not pain but it is difficult to breathe. I’m not really getting as much airflow through my nose as I am used to” said Watkins describing his challenges with the broken nose.

Despite the injury, Watkins hasn’t missed a game or a beat becoming the “Masked Man” for the Bison.

“It’s completely different. I can’t really see out of my peripherals. Once I start to sweat the clear mask starts to fog up so that creates another problem. It’s truly difficult. I don’t think people understand how much of a difference it makes,” he said.

“Brennan has always been a really talented basketball player. Gifted offensive player and we have challenged him on the little things, the winning plays and he is starting to understand those and execute those things and that’s the next step for him,” said NDSU Head Coach, Dave Richman.

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A warrior, Watkins is determined to stay on the floor and make those winning plays for North Dakota State.

“Just do anything for my team and help them win that is just kind of the player I am. It doesn’t matter if I have a broken nose. If I am able to play I’m going to be out there,” said Watkins.

The Bison Men’s Basketball Team has one more non-conference match up against CSU-Bakersfield on Monday night before conference play begins on January, 2nd.

Sam Goetzinger joined WDAY News as a reporter and anchor in 2022 after graduating from St. Cloud State University. Sam worked alongside his Dad in the radio industry for 10 years in his hometown of New Prague, Minnesota before heading off to college. Along with his news responsibilities, Sam also handles play-by-play duties for North Dakota and Minnesota high school athletics.
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Reach Sam at sgoetzinger@wday.com or follow him on X.





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