http://www.ncsl.org • January 16, 2013
State-Owned Financial Institutions 2012 Legislation
Last Updated: Jan. 16, 2013
NCSL Staff Contact: Heather Morton, 303.364.7700 (Denver)
With the struggling economy, state legislators are investigating state-owned banks, similar to the Bank of North Dakota, as a way to encourage economic development and generate revenue. This kind of institution is also known as a public or partnership bank. The Bank of North Dakota, formed in 1919 by the North Dakota Legislative Assembly, is the only state-owned bank operating in the United States. The legislation list below does not include information on infrastructure banks, as they are separate entites from state-owned banks.
In the 2012 legislative session, 20 bills and resolutions were pending in 15 states to study the issue or to create a state bank or investment trust.
Related NCSL Webpages:
NCSL LegisBrief: Are State-Owned Banks a Viable Option?
2011 Legislation
2010 Legislation
Read the webpage here.
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