State bank idea gains support

Jordan Schrader • theolympian.com • January 16, 2012

‘EMPOWERMENT’: Backers say move would cut ties with big banks; skeptics ask where money would come from

State government stores money at Bank of America, buys goods with U.S. Bank cards, and distributes welfare aid through JP Morgan Chase ATMs.

Supporters of cutting such ties to big banks say the first step is creating the state’s own bank.

The idea of a state bank – a favorite of the Occupy movement that sees it as an alternative to Wall Street – has strong support among the Democrats who control the state House. Speaker Frank Chopp called it a top priority last week in a speech opening this year’s session of the Legislature.

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2 Responses

  1. A bank with governmental bureaucracy’s would be horrible, non responsive to customers and most likely un-profitable.

  2. cmtalavera,
    You must be unaware of the state-owned Bank of North Dakota, in existence for almost 100 years. North Dakota is the only state with a continuous budget surplus since the crisis of 2008, one of the lowest unemployment rates, and has no bank failures since 2008. The Bank of North Dakota brought $60 million to the state revenues from 2007-2009. So, while all the other state keep their money in TBTF Wall St banks, the state of North Dakota keeps its money local in its own state-owned bank, the BND.

    Here’s one of many good articles by Ellen Brown on the subject of North Dakota:
    http://www.yesmagazine.org/new-economy/the-north-dakota-miracle-not-all-about-oil

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