The North Dakota State Legislature's House Industry, Business and Labor Committee convened on March 11, 2025, to discuss significant concerns regarding the North Dakota Development Fund's operations and financial practices. The meeting highlighted issues of transparency, accountability, and potential conflicts of interest within the fund's management.

During the session, Mr. Swenson, a business leader, raised critical questions about the effectiveness of the fund's investments, particularly regarding job creation claims. He expressed skepticism about the reported number of sustainable jobs generated through the fund's financial support, suggesting that the data presented lacked credibility. Swenson called for a detailed analysis of employment figures and urged the committee to scrutinize the investments and loans made to companies associated with board members of the Development Fund.

Swenson pointed out that over the past six years, approximately 20% of the provisions for losses reported by the fund were linked to businesses in which board members had a financial interest. He described this situation as "self-dealing," questioning the ethics of loaning taxpayer money to companies connected to board members while accruing significant losses. He emphasized the need for a thorough audit to evaluate the fund's performance and the return on investment for taxpayers.

The discussion also touched on the lack of transparency regarding which companies received loans and the reasons behind high provisions for losses. Swenson noted that he had requested specific names of companies involved but had been denied access to that information. He argued that the public deserves to know how their money is being utilized and whether it is yielding any returns.

In response to Swenson's testimony, committee members expressed support for his calls for greater oversight and accountability. Representative Casper highlighted the importance of identifying specific companies for audit consideration, while other members acknowledged the need for a performance audit to ensure the fund operates in the best interest of North Dakota taxpayers.

The meeting concluded with a consensus on the necessity of refining the proposed bill to include provisions for a comprehensive audit of the North Dakota Development Fund. The committee aims to ensure that taxpayer money is managed responsibly and transparently, aligning with the principles of a free market while safeguarding public interests.