Gov. Noem Announces Next Steps on State Investments in China
PIERRE, S.D. – Governor Kristi Noem has announced the next steps that she is taking in her effort to stop state taxpayer dollars from being sent to nations that hate us, like Communist China. Governor Noem wrote to the United States Congress asking them to pass legislation endorsing state efforts to divest from China.
“I am requesting that Congress pass legislation to authorize state and local governments to divest assets or prohibit the investment of assets in China,” Governor Noem wrote in her letter to Congress, which can be found here. “Congress has an opportunity to prioritize our nation’s security. States stand ready to act, and legislation endorsing divestments from China would be a great tool to help us do that.”
Governor Noem also wrote to Vanguard asking them to create an emerging markets fund that does not include investments in Communist China.
“I am requesting that Vanguard create a new emerging markets fund that does not include China. This would provide states the opportunity to safely invest our state trust fund and pension dollars without exposure to the threat of the CCP,” Governor Noem wrote in her letter to Vanguard, which can be found here.
According to the review conducted by the South Dakota Investment Council (SDIC), no internally managed funds are invested in Chinese companies any longer. The SDIC has already divested from three Chinese companies.
Approximately 1.3% of the SDIC’s portfolio is invested in Chinese companies through an emerging markets index ETF. Another 0.7% of the portfolio is invested in Chinese real estate through external real estate and private equity partnership funds.
Governor Noem has called on the SDIC to provide alternative options for these investments.
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This has become an obsession. South Dakota state and local governments have never had national or state secrets on TicToc. The things state and local agencies had on TicToc(or any other site) are what we WANT known!! This is a political solution looking desperately for a problem.
Exactly…never mind facebook, google, twitter, etc gather all our information and target ads.
These aren’t “next steps” this is glorified whining.
Will the investments be shifted to Ukraine?
Because I think the investments should be made in South Dakota.
Smithfield is Chinese owned but she doesn’t address them. What about all the EB5 funds invested in developments in the State. Easy to complain but not offer any solutions. Just pass the buck and look to others for solutions. That is not my definition of leadership.
It’s like she woke up 12 days ago and realized China was communist. Why is this an issue? Why an issue now? She takes those talking points from the RNC very serious!
I hope China doesn’t boycott SD soybeans and soybean meal they buy as our #1 export customer. Or shut down Smithfield for “maintenance” and leave SD pig farmers in a crunch as retribution for this highly public attack. I don’t disagree with the sentiment, but we have to remember we are reliant on them in SD and could be doing all of this quietly. The trade war was very devastating for SD ag, and we don’t want to go through it again.
Trade wars are easy to win. Someone said that once and Noem probably believed him.
The Governor is down on Uncle Xi but silent on Putin, the butcher of Ukraine. She could criticize China for their genocide of Muslims but instead criticizes silly social media. Historically, we in the ag community of South Dakota have been very ambivalent about our trading relationships with Communist, Totalitarian countries. We trade with Russia and China and boycott Cuba.
Noem is a political trollop. She will do anything to advance herself in the GOP
As soon as Wholestone is up and running, Gov. Noem should level Smithfield and build a prison there.
Probably not a great idea to piss off somebody you owe a trillion dollars to Governor. Or want to sell soybeans to. Who’s the world’s largest buyer of pork again?