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Banking in the public interest? Public Bankers look to spread their model

Newly redesigned $100 notes lay in stacks at the Bureau of Engraving and Printing on May 20, 2013 in Washington, DC.

For 94 years, the state of North Dakota has run a public bank. It acts like a mini-Federal Reserve that subsidizes loans based on local priorities. The bank helps local entrepreneurs, students and others all while generating a profit for the state treasury.

This weekend, attendees of the Public Banking Conference in San Rafael, California will gather to re-think the global banking system. They hope to spread North Dakota's time-tested financial idea.

Marc Armstrong, executive director of the non-profit The Public Banking Institute, joins Marketplace Morning Report host David Brancaccio to discuss public banks and the benefits of making credit decisions locally.

About the author

David Brancaccio is the host of Marketplace Morning Report. Follow David on Twitter @DavidBrancaccio

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