North Dakota has a 100-year-old public bank. It’s no coincidence that North Dakota survived the 2008 recession in much better shape than any other state in the U.S. The Institute for Local Self-Reliance says:
BND functions mainly as a “banker’s bank” — meaning that most of its lending is done in partnership with local banks and credit unions. About half of the bank’s $3.9 billion loan portfolio consists of business and agricultural loans that are originated by a local financial institution and funded in part by BND. By participating in these loans, BND expands the lending capacity of North Dakota’s community banks, giving them added strength in competing against big out-of-state banks.
In Santa Fe, New Mexico, Nichoe Lichen of the Brass Tacks Team (“public banking facts that stick”) wrote a great op-ed at the end of 2016. Santa Fe has done an extensive study of how a public bank could work, including a five-year model. According to Ms. Lichen, the state of the State of New Mexico is also taking public banking seriously.
Portland, Oregon is organizing. As they say, “join the Public Banking Movement that is sweeping the United States.”
In Minneapolis, the Wells Fargo scandal is pushing lawmakers to examine public banking.
[Councilmembers] Cano and Gordon said the city should look at establishing a municipal bank or participating in a publicly owned banking operation.
The State of Pennsylvania is organizing for public banking.
The State of Colorado has a robust public banking group.
If you know about more public banking efforts, let us know so we can keep this page up to date.