State-owned bank drawing interest
North Dakota’s socialist experiment has new appeal
February 17, 2010
BISMARCK, N.D. – It has no automatic tellers or drive-up windows, doesn’t issue credit cards, and tends only a few thousand checking and savings accounts. Its only location is a glass, steamboat-shaped headquarters near the Missouri River, where the business moved from its original 1919 home in a former auto assembly plant.
The Bank of North Dakota – the nation’s only state-owned bank – might seem to be a relic. It was the brainchild of a failed flax farmer and one-time Socialist Party organizer during World War I.
But now officials in other states are wondering if it is helping North Dakota sail through the national recession.
Read the entire article here.
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