PBI News Alert: Public Banking Rescues — WA Treasurer Resists

PBI News Alert • PublicBankingInstitute.org • Nov 3, 2012

As we watch developments in New York and New Jersey on the heels of Hurricane Sandy, it is instructive to compare another cleanup 15 years ago in North Dakota after another natural disaster, the flooding of the Red River and the fire in downtown Grand Forks. Meanwhile in Washington State, the Treasurer resists a public bank because of the “risk” involved, as if the Wall Street banks are trustworthy partners! “Funding is different for BND from that of other commercial banks,” says Standard & Poors (see below). Because it is different, it’s past time to put public money into public banks — for the public good, as the Bank of North Dakota so clearly demonstrates during times of prosperity — and times of natural disasters.

Read the entire PBI News Alert here.