US68 - A Financial Public Option
Similar to the Bank of North Dakota, extended to all states. That way citizens can put their money in the state bank and the fractional reserve loans can be issued for local projects and businesses insofar as it increases the general welfare of the populace. Of course the state and state employees would be required to use the state bank, that way any tax revenue and or job supported by the state indirectly supports state projects.
I would have it run by elected officials, with only one term allowed lasting two years. They must consult with experts and if a loan is placed that could cripple the bank, it must be brought to a general population vote. In the event that the federal economy crashes, the local state bank will begin to issue its own currency of which the quantity control mechanism will be controlled by a unspecified mechanism (personally I like making the quantity tied to population x minimum_livable_wage and a progressive tax system to amortize incomes).
Give your money to a institution charged with improving the general welfare of your state that is controlled by an elected board with limited terms... or you can give it a profit seeking corporation, controlled by a CEO with no responsibility to the people.
The Bank of North Dakota has given our state innovative programs that have helped small businesses get the capital they need to grow and hire workers. I will work to replicate those programs on the national stage and build on their success so our small businesses can expand — such as finding ways to enhance access to loan guarantees through the SBA, and programs at the Bank of North Dakota where we wrote down interest rates for expanding businesses (PACE). I will also work to make sure our small town banks and credit unions can compete by working to reform banking rules so that local community banks and credit unions are not “too small to succeed.”
- This would likely happen if Social Security were to be abolished because currently, that's the only program that is standing in the way of the People being in charge of their retirement and investments. The States can't do a thing with this program still in effect the way it is.
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