Resource: Pennsylvania Public Bank Project
September 15, 2015
A well-run public bank, such as the Bank of North Dakota, can deliver a higher return on equity than most other investments a government or authority can make, and a much safer return to boot. And this return comes back to the community that owns it, not to some Wall Street hedge fund for gambling on derivatives or paying stratospheric salaries.
Public banks keep local money working locally by partnering with and not competing with local banks and economic development agencies. They make affordable, job-creating credit available for private or public/private developments and municipal financing.
Public banking in Pittsburgh could help build a stronger community, upgrade crumbling infrastructure and shore up the economy, providing better-paying jobs and greater opportunities for the graduates of this region’s exceptional schools and universities.