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