VTDigger – Public banking advocates release economic study by Hilary Niles - Nov. 5 2013
Excerpt – Advocates of public banking, so far unsuccessful in their quest to get the Vermont Legislature to study the possibility of setting up a state-owned bank, have taken the task upon themselves….
Flomenhoft said about $236.2 million of new credit could be created in the state, as well as 1,000 jobs and $100 million in savings. For the full report, see the document link below. )
The VT State Bank Study – vtbank-prelim11-4complete
Read VTD full article
Another interesting article on state owned banks from Mother Jones -
How the Nation’s Only State-Owned Bank Became the Envy of Wall Street —By Josh Harkinson - 2009
Excerpt – The Bank of North Dakota is the only state-owned bank in America…. It was created 90 years ago, in 1919…. we have specifically designed programs to spur certain elements of the economy. Whether it’s agriculture or economic development programs that are deemed necessary in the state or energy, which now seems to be a huge play in the state.
What do private banks think of you?
The interesting thing about the bank is we understand that we walk a fine line between competing and partnering with the private sector. We were designed and set up to partner with them and not compete with them….
We also provide a dividend back to the state. Probably this year we’ll make somewhere north of $60 million, and we will turn over about half of our profits back to the state general fund. And so over the last 10, 12 years, we’ve turned back a third of a billion dollars just to the general fund to offset taxes or to aid in funding public sector types of needs.
MJ: Not bad for a state with a population of 600,000.
Read MJ full article
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