Some say state-owned banks would offer another way, besides credit unions, for ordinary banking customers to reclaim autonomy from Wall Street. Advocates for state-owned banks say they would provide a safe haven for funds, make it easier to get loans at the local level and add millions of dollars to state budgets. They point to the Bank of North Dakota, which has generated some $300 million for the state over the past 15 years. Opponents and skeptics, on the other hand, say that state banks would be expensive to establish, and would represent unwelcome competition to existing private banks, again according to American Banker. They add that local borrowers wouldnt necessarily feel the benefits right away, even though the weak economy makes such concerns pressing.
Posted on: Tue, 14 Oct 2014 23:25:07 +0000
Trending Topics
Recently Viewed Topics
© 2015