State-owned bank in North Dakota an inspiration

State-owned bank in North Dakota an inspiration

WASHINGTON — As Congress returned to writing a bill overhauling regulation of the banking industry, some states are pondering homegrown solutions to the credit crisis. And for inspiration, they’re looking to a place that is far away from Wall Street in more ways than one: North Dakota.

North Dakota operates the country’s only state-run bank. The Bank of North Dakota makes loans to businesses and to other banks, and has come to be seen both in and out of the state as a beacon of economic stability and financial independence. Then there’s the revenue: The bank has turned over $350 million in profits to North Dakota’s general fund since 1997.

Bills intended to create similar state-run banks or study the idea are being discussed in Hawaii, Illinois, Massachusetts, Virginia and Washington. Five more states have contacted the Bismarck-based bank in hopes of learning more about how the bank’s 168 employees straddle the line between public benefit and private enterprise.

Read the entire article here.


One Response

  1. […] Som förebild anvisar Ellen Brown North Dakota som mycket framgångsrikt använt sin delstatsbank till att främja den ekonomiska utvecklingen.  North Dakota är den enda delstat som inte drabbats av finansiella problem i samband med finanskrisen, se video om North Dakota här, samt artikeln ”State-owned bank in North Dakota an inspiration”. […]

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