Newly redesigned $100 notes lay in stacks at the Bureau of Engraving and Printing on May 20, 2013 in Washington, DC.
Newly redesigned $100 notes lay in stacks at the Bureau of Engraving and Printing on May 20, 2013 in Washington, DC. - 
Listen To The Story
Marketplace

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.

“I think the best compliment I can give is not to say how much your programs have taught me (a ton), but how much Marketplace has motivated me to go out and teach myself.” – Michael in Arlington, VA

As a nonprofit news organization, what matters to us is the same thing that matters to you: being a source for trustworthy, independent news that makes people smarter about business and the economy. So if Marketplace has helped you understand the economy better, make more informed financial decisions or just encouraged you to think differently, we’re asking you to give a little something back.

Become a Marketplace Investor today – in whatever amount is right for you – and keep public service journalism strong. We’re grateful for your support.

Follow David Brancaccio at @DavidBrancaccio