State Treasurer Larry Pack today released the following statement after the Investment Management Board (IMB) adopted a policy to divest funds from Chinese owned companies.

“The board made the right choice today by adopting this new policy that will ensure that we do not put American dollars at risk and that state tax dollars are not used to bankroll a nation that is completely against our way of life,” Treasurer Pack said. “We must do everything in our power to hold bad foreign actors accountable. This is another tool at our disposable to do just that.”

Since taking office in in January, Treasurer Pack took steps to protect West Virginia data by banning the use of the use of Chinese artificial intelligence (AI), such as DeepSeek, on all West Virginia State Treasury devices. In addition, AliPay, a Chinese based wallet system, and Kasperksy also have been banned.

This was the second time the State Treasurer’s Office has acted against hostile actors as the Board of Treasury Investments (BTI) approved a Prohibited Foreign Investments Policy during its quarterly meeting in March. The policy prevents direct investments from companies affiliated with the government of the People’s Republic of China, the Chinese Communist Party, the Chinese military, or any instrumentality or combination thereof.

Recently, Treasurer Pack joined 20 other states in a letter to Securities and Exchange (SEC) Chairman Paul Atkins urging an investigation to determine if Chinese companies should be desisted from the U.S. Stock Exchange. The letter noted that these companies have failed to protect American investors.