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The Public Bank Movement: A Response to Local Economic Development and Infrastructure Needs in Three U.S. States

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  • Deborah M. Figart
  • Mariam Majd

Abstract

Credit is the lifeblood of growth, but it is also the lifeblood of the community. Is there need for public banks to make loans dedicated to community needs? These authors think so.Since emerging from the Great Recession, more than twenty U.S. states have introduced bills to institute state-owned banks or to study their feasibility. Such banks would take public needs into account. Infrastructure is an obvious example of investments not being adequately made. A public agency, however, may be the best way to enable this movement to succeed.

Suggested Citation

  • Deborah M. Figart & Mariam Majd, 2016. "The Public Bank Movement: A Response to Local Economic Development and Infrastructure Needs in Three U.S. States," Challenge, Taylor & Francis Journals, vol. 59(6), pages 461-479, November.
    • Handle: RePEc:mes:challe:v:59:y:2016:i:6:p:461-479
    DOI: 10.1080/05775132.2016.1239962
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    References listed on IDEAS

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    1. Tal Elmatad & Yolanda Kodrzycki, 2011. "The Bank of North Dakota: a model for Massachusetts and other states?," New England Public Policy Center Research Report 11-2, Federal Reserve Bank of Boston.
    2. Karen Mills & Brayden McCarthy, 2014. "The State of Small Business Lending: Credit Access during the Recovery and How Technology May Change the Game," Harvard Business School Working Papers 15-004, Harvard Business School.
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