In a recent column, I argued that the concept of "baby bonds" — a verison of which is included in "big beautiful bill" President Donald Trump is backing in Congress — is something North Dakotans should implement whatever the federal government might do.

We have hundreds of millions in revenue from the Legacy Fund's investments, and we have the Bank of North Dakota to administer the program. A rough estimate based on the average number of live births in our state every year is that this would cost the state about $20 million or so per biennium.

After I published my column, Treasurer Thomas Beadle reached out, saying it's a topic that intrigues him as well. "I think that you get a little bit of a a stakeholder society," he said on this episode of Plain Talk. "Children are being set up with these accounts, and the parents are managing these accounts on behalf of their kids, so they will be vested. They might have a stakeholder interest in making sure that programs like this are viable."

Speaking of investments, also joining this episode was Jodi Smith, executive director of the state Retirement and Investment Board, and Kodee Furst, a director 50 South Capital. They discussed the ongoing efforts to implement the Legacy Fund's in-state investment program.

The goal is to have the Legacy Fund at $1.3 billion invested inside of the state by 2030. Some of the challenges in getting there early on were negotiating the producer-investor rules. State investment officials have a responsibilty to maximize returns, but with the in-state investment program, the idea is that some of those returns aren't in the form of interest on investments but rather economic development.

This balance is important. "We're not providing a grant," Smith said. "We do expect a return to come back to us."

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