The Bank of North Dakota, currently the only state-owned U.S.
bank has helped North Dakota escape the budgetary disasters and
recession facing other states. In 2009, North Dakota sported the
largest budget surplus it ever had.
The Bank of North Dakota provides affordable, low interest
credit for business expansion, new businesses and students, and
helped North Dakota sidestep the credit crisis altogether.
In the last ten years, the BND has returned more than USD300
million to the state’s fund. North Dakota is able to consistently
post a budget surplus.
### Public banks don’t speculate on high risk “financial
products.” They don’t pay outrageous salaries and bonuses to their
management, who are salaried civil servants. The profits of the
bank are all returned to the only shareholder - the people. ###
Washington, Illinois, Virginia, Hawaii, Massachusetts, Maryland,
Florida, Michigan, Oregon, California and other states are now
trying to do likewise.