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How a brief socialist takeover in North Dakota gave residents a public bank
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| Contributor | RP |
| Last Edited | RP Oct 01, 2019 10:23am |
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| Category | History |
| Author | Will Peischel |
| News Date | Tuesday, October 1, 2019 02:50:00 PM UTC0:0 |
| Description | There’s a legislative fight brewing in California. Supporters are pushing a public banking law that could redefine the state’s financial landscape, while detractors call it a government intrusion. Both would benefit to look at an unusual source — North Dakota — where a similar policy has been in place for a century.
The Bank of North Dakota, or BND, is the nation’s only public bank: a government-owned and -operated entity that prioritizes public access over profit, and offers fair banking services to North Dakotans when private banks can’t or won’t. “It is potentially insulating you from loans, lenders, from out-of-state interests who won’t or don’t listen to the concerns of the local economy,” Flynn said.
BND’s roots are in socialism, but it’s codified into the constitution of a deep-red state where Donald Trump beat Hillary Clinton by 36 percentage points in 2016. Not that there has been any serious effort to remove it. “There seems to be pretty strong support for maintaining a state-owned bank and a state-owned mill,” Flynn said. |
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