Public Banks invest in their cities, states and nations, not Wall Street.
Public Banking Basics
- Breaking up the big banks is a much weaker solution than setting up public banks.
- Public banks, at all levels of government, can partner with community banks, invest in local infrastructure and services, and ensure better loans for homeowners, students and local businesses.
Public Banking Background and Proposal
Public banks can reassert public control over the financial system, and provide much more protection, compared to the continuing destructive policies of Wall Street banks, during the increasing periodic crises of global capitalism.
North Dakota started its state bank 100 years ago to keep people from losing their farms to out-of-state banks. After the global financial meltdown of 2008, unlike other states, North Dakota did not fall into deficit budgeting.
I propose removing the barriers to implementation of public banks at all levels, so that they can fund local infrastructure projects such as social housing, renewable energy, and green transition projects, and can assist in conversions of private firms to worker, community, and public ownership.