Steven Peterson: State banks effective

March 22, 2013 

State banks effective

Regarding the March 19 article “Bill calls for study of a state bank”: Sen. Eleanor Kinnaird has done a great service by introducing this bill to the N.C. legislature. Let’s hope it is acted on.

Surely the chance to save millions in tax dollars is worth the cost of the study. Public banks can support financing for public works projects at a lower cost than going to the bond market. Public banks can also support local businesses, a critical part of our local economy, that national banks avoid because small businesses are not big enough for them.

North Dakota has had a public bank for 90 years, and it has been very effective at supporting local businesses and local banks; we could learn a lot from them. I would encourage everyone, along with our state legislators, to learn more about public banking.

Steven Peterson

Chapel Hill

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