Rob Garver • AmericanBanker.com • April 2011
“States have to look out for themselves,” says Ellen Brown, one of the founders of the Public Banking Institute, a nonprofit think tank created just last year to advance the cause of public banking.
She finds it hard to understand why states willingly surrender to “Wall Street” the opportunity to make use of their funds. Rather than letting bankers in far-away cities choose when and where to deploy that money, Brown asks, why not make sure it is put to work lending to local businesses, capitalizing local banks, and creating local jobs? “That’s what the Bank of North Dakota does, and every state could have that same arrangement,” she says.
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