The pandemic may have slowed progress in establishing public banks, but the necessity of local control over financial power has never been clearer. Local governments now have the tools to promote the public good through financial mechanisms.
Public banks are not just a minor reform; they shift economic power back to local communities. They enable us to transform how public funds are utilized, focusing on collective benefit over individual profits.
The Bank of North Dakota is a prime example of a public bank working effectively. With over a century of operations, it channels taxpayer funds back into local economies, achieving significant returns and promoting community-focused growth.
Public banks establish community ownership and prioritize local needs over corporate profits. This transformative approach reduces municipal costs and expands credit access, ultimately empowering local governments to reclaim control from larger financial entities.
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