Q: What precedent is there for public banking in the US?

A:

Public banking was the Founding Fathers' ideal.  Many of them and some of the most famous US Presidents of the 19th century struggled against private central reserve banks for over one hundred years.  See the New Economy Academy for more information.

At the US state level, the Bank of North Dakota provides an excellent example of the power of public banking, as it has since 1919. 

Since 2010, in an attempt to regain control over regional economies in the face of a Wall Street crisis in which the banks that caused the crisis got bailed out but cities and states suffered terribly but did not get bailed out, almost half of the US states have had legislation introduced to create public banks.


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