West Virginia Board Votes to Divest from Chinese-Owned Companies
CHARLESTON, WV — In a significant move, the West Virginia Investment Management Board (IMB) voted on Thursday to adopt a policy aimed at divesting from companies owned or controlled by the Chinese Communist Party (CCP). This decision follows a similar initiative by the Board of Treasury Investments (BTI), signaling a robust stance against perceived threats to national security from Chinese investments.
Governor Patrick Morrisey, who chairs the IMB, emphasized the financial and legal risks posed by the CCP. "The Chinese Communist Party represents a financial risk we cannot take," he stated. The new policy is intended to exclude any investments in CCP-linked enterprises and requires a systematic review of state investment portfolios to identify and divest from such companies.
State Treasurer Larry Pack, who initially proposed the divestment in February, hailed the board’s decision as essential for protecting West Virginia’s financial future. "We must do everything in our power to hold bad foreign actors accountable," Pack remarked, underscoring the aim to avoid funding nations contrary to American values.
Established in 1997, the IMB manages over $23 billion in investments, covering various state funds, while the BTI oversees more than $10 billion in short-term investments. This policy aligns West Virginia with a growing trend among U.S. states to reconsider their financial ties with China due to concerns about transparency and regulatory compliance.
In November, Texas Governor Greg Abbott issued a directive to divest state funds from Chinese entities, and financial leaders from 15 states have voiced support for similar measures. The West Virginia Board’s decision reflects a broader movement to scrutinize and potentially sever financial ties with regimes that threaten national integrity.
For more information, Steven Allen Adams can be reached at sadams@newsandsentinel.com.
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