A Bank Owned By The People
Ohio could use a publicly-owned bank similar to the Bank of North Dakota, the only publicly-owned state bank in the country. The Bank of North Dakota began in 1919 as a result of a populist uprising among the farming community who were getting shortchanged by granary operations outside of their state. The Bank of North Dakota started as an agriculturally-focused bank but over the decades became engaged in economic development in major ways for North Dakota.
"heated and lighted highways using carbon fiber materials to house data and power transmission lines. The Bank could also invest in new mass transit for our communities across the state."
The newly chartered Bank of Ohio could partner with other financial institutions in providing bond financing for municipalities to upgrade their wastewater treatment facilities. There could be investment opportunities for industries designing the next generation of road surfaces incorporating features such as heated and lighted highways using carbon fiber materials to house data and power transmission lines. The Bank could also invest in new mass transit for our communities across the state.
Starting capital for the bank could be withdrawn from the Budget Stabilization Fund or rainy day fund; a fund whose reserves came mostly in cuts to the local government fund over the last eight years. This capital would be a way of the state government giving back to the local communities in need of financial assistance with their infrastructure problems.