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.
Senator Bernie Sanders has spoken out in favor of a Vermont state bank:
As of late April 2017, the Santa Fe, New Mexico City Council unanimously approved a task force which will permit the City Council to “make an informed decision about submitting an application for a New Mexico Bank Charter for a Public Bank of Santa Fe.” 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. At the beginning of May 2017, Philadelphia divested from Wells Fargo, and given a community bank a one-year contract. Philadelphia has been paying attention to public banking for a few years now, and the divestment may help move that project forward.
The State of Colorado has a robust public banking group.
San Diego County, California is in the beginning stages of organizing for public banking, as is Santa Barbara, California.
If you know about more public banking efforts, let us know so we can keep this page up to date.