Diversifying Banking: State Alternatives to Shareholder-Owned Corporate Banking

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Date

2019

Authors

Erickson, Emily F.

Journal Title

Journal ISSN

Volume Title

Publisher

University of Oregon

Abstract

This thesis explores public banking in the United States as an option to strengthen communities, implement investment strategies based on community needs and values, and increase community resilience from unexpected events. It begins with an overview of the various forms banking takes in the United States, their impacts and interrelationships, and a closer look at the single existing example of a public bank in America, the Bank of North Dakota. Following the overview, I will present some of the reasons the private banking industry is failing to meet the public need. Then, I will discuss greater nuances of the Bank of North Dakota and its state impact. From that foundation, I will present two statewide efforts to create public banking legislation, one in Oregon and one in California, and explore some of the difficulties involved with designing the legislation, particularly in light of using the Bank of North Dakota as a public banking model. The third reader of this thesis, PhD Candidate Alberto Lioy, said to me “There is nothing more American than preserving local communities.” Public banking options have significant potential for helping preserve and strengthen those communities.+

Description

41 pages

Keywords

Political Science Finance, Public Banks, Bank of North Dakota, Capitalism, Investment, U.S. Banking

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