"Last year I asked SC Treasurer Loftis to consider placing the liquid funds of South Carolina in a bank owned & operated in South Carolina.
If our monies were deposited in a South Carolina owned bank, the people would have far more ability to use those funds in loans to create business and grow our economy. South Carolina, would be the beneficiary of the interest paid on those loans as well.
Why should our money be benefiting BOA & the Wall Street elite who are controlling South Carolina’s treasury funds for the benefit of their cronies and largely denying small banks and businesses in South Carolina access to them. South Carolina may need a state bank or at minimum, South Carolina funds should be held in banks that are owed and operated in South Carolina. Get our funds off Wall Street and back into South Carolina where we the people of SC can use what is rightfully ours." - - Patricia of So. Carolina
17 States Considering State Banks
Noel Brinkerhoff
All Gov
February 29, 2012
All Gov
February 29, 2012
Taking a cue from North Dakota, a large number of state governments are considering the establishment of a state bank.
In the wake of the financial and mortgage crises, proponents are pushing for states to rely less on large national private banks and establish state-run financial institutions.
North Dakota serves as the model for this new experiment that 17 states are looking at. However, the state bank in North Dakota, the only one of its kind in the U.S., is not new, having been in operation since 1919.
With the Bank of North Dakota, financing is made available to support loans to students, farmers and others, while the bank’s profits go into the state budget to help provide more revenue for government programs.
Some states, such as Idaho and Vermont, have introduced legislation to study the idea of starting a state bank. Other states, like New Hampshire, Virginia, Hawaii, Washington and California, are debating bills that would create a state bank.
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