Spurred by the recession, bank bailouts and the difficulty consumers are having getting loans, a USAToday.com article this morning says, members of the “Occupy movement” and others are stepping up calls for a public banking option similar to the one that’s been in North Dakota since just after the turn of the century.
North Dakota currently has the nation's only state-run bank, enacting its model in 1919. Supporters point out that the state is also the only one to have had a budget surplus since the economic crisis began, and an unemployment rate below 4%. All state agencies deposit their funds in the Bank which then uses that money to support economic development, make student loans and partner with community banks to make small-business and farm loans. Deposits are backed not by the FDIC, but by the state, USAToday reports.
The Public Banking Institute, a non-profit group formed last January to advocate for public banking, reported 14 states have considered legislation to either create some form of a state-run bank or study whether it is feasible. Illinois HB 2064 is one of those bills, but none of our local tri-states are among that group.
The Hamilton County Law Library provides legal research services and resources to the elected officials, judges, lawyers, and the public of Cincinnati and Hamilton County, Ohio.
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