Bank of North Dakota's Unique Structure Draws Attention Amid Banking Crisis

The state-owned Bank of North Dakota's unique structure has garnered attention in the wake of the recent banking crisis, with some speculating that it could serve as a template for other states to create their own banks. The bank is the only general service bank in the US that is owned and operated by a state, and is not a member of the Federal Deposit Insurance Corporation. While advocates argue that a public bank would enable better financing of infrastructure projects or extend banking services to underserved communities, there are substantial start-up costs and risks to taxpayers, as well as concerns about potential political interference.