State Treasurer Larry Pack, who chairs the West Virginia Investment Management Board (WVIMB), today applauded a decision by the Board to approve a policy to divest funds from Chinese-owned companies. Treasurer Pack had advocated for such a policy back in May.
“Just like President Donald Trump is working diligently to put American interests first, we must do our part to hold bad foreign actors accountable,” Treasurer Pack said. “The board’s decision is a step in the right direction to ensure that we put our citizen’s interests first and do not put American dollars at risk. There is no reason for us to invest in a country that is working against our way of life and at the same time, divesting in China means investing more dollars in our great state.”
Treasurer Pack previously acted against China when he proposed a Prohibited Foreign Investments Policy to the West Virginia Board of Treasury Investments (WVBTI), which was approved by the Board 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.
“Governor Patrick Morrisey followed our lead by proposing a similar policy for the IMB, ensuring our state’s long-term investments, including our state pensions, do not finance the People’s Republic of China,” Treasurer Pack said. “By standing strong against the Chinese Communist government, we can deliver real, lasting benefits to American workers, citizens, and businesses in West Virginia and beyond.”
Since taking office in January, Treasurer Pack took steps to protect West Virginia data by banning 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.
In May, 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.
The WVBTI manages $10 billion in short-term state and local government operating funds. The WVIMB is the entity responsible for the long-term investments of the State of West Virginia, managing over $28.5 billion.