Pioneering a new course.
The financial crisis brought on by the “Too-Big-To-Fail” banks plunged the country into the worst recession since the 1930s. But while the federal government bailed out the nation’s biggest banks and corporations, the rest of the country has been left to fend for itself. Five years, millions of foreclosures and lost jobs later, the financial system is not meeting the needs of America’s working families.
We need to do something different, and the Oregon State Bank will tilt the playing field back in the favor of average Oregonians.
There is a model for this. The State of North Dakota has been successfully operating its own state bank--the Bank of North Dakota--for over 90 years to the exclusive benefit of the citizens of their state.
What will it do?
The Oregon State Bank will operate as a profitable business, but unlike private corporations, the profits belong not to shareholders and CEOs, but to the citizens of the State of Oregon.
- A State Bank would partner with community banks and credit unions in making loans to Oregon businesses, farms, students and homeowners. It will not be a competitor to local banks but rather will partner with them to strengthen and stabilize our community banking sector.
- A State Bank would support the economic development of the State by increasing access to capital for businesses and farms within the State in partnership with local financial institutions.
- A State Bank would reduce costs paid by the State of Oregon for basic banking services and will be able to return profits, beyond those necessary to accomplish the mission and continued sound operation of the State Bank, back to the state.