Among other things, publicly owned banks offer counter-cyclical relief by (1) issuing badly needed credit at low, or no, cost to the state, thus providing a means of revitalizing infrastructure and other services that are now endangered (according to studies, interest paid to private banks represents 30 to 50% of the cost of most public projects); (2) supporting local and regional banks by participating with capital and expertise in loan programs that address local and regional needs; and (3) providing support for residential and agricultural financing that acts as a bridge during times of economic contraction, as the Bank of North Dakota did during the Great Depression.
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- How could a publicly-owned bank help an economically struggling state?
- Who would benefit from a publicly-owned bank?
- How would a publicly-owned bank be different from a privately-owned one?
- Don’t we already have a national public bank in the Federal Reserve, with a network of regional Fed banks around the country?
- Would publicly-owned banks provide unfair competition to local privately-owned banks?
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