Do you know that The Bank of North Dakota is the only state owned bank in the country?
The Bank of North Dakota is the only state-owned bank in America and has $4 billion under management.
Is Senator Conrad of North Dakota aware of this fact? If Senator Conrad is aware of this fact then he is one of the biggest hypocrites ever. Senator Conrad of North Dakota is against government run health care insurance option and he is not against the Bank of North Dakota? Senator Conrad this bank is a great example of socialism. Maybe Senator Conrad does not know the meaning of socialism. The Bank of North Dakota has $4 billion under management.
It should also be noted that Bank of North Dakota earned a record profit last year even as the so called big banks lost billions and had to get assistance from the government. Could state-owned banks across America get us out of the financial mess? Maybe we need to take a good look at the Bank of North Dakota. Maybe we need to ask Senator Conrad about the Bank of North Dakota. I think we should call his office and ask him about the Bank of North Dakota.
By 1919, popular consensus wanted state ownership and control of marketing and credit agencies.The state legislature established Bank of North Dakota and the North Dakota Mill and Elevator Association.
Bank of North Dakota was charged with the mission of "encouraging and promoting agriculture, commerce and industry" in North Dakota. It was never intended for Bank of North Dakota to compete with or replace existing banks. Instead, Bank of North Dakota was created to partner with other banks and assist them in meeting the needs of the citizens of North Dakota. Just like the proposed PUBLIC OPTION.
The state Industrial Commission oversees Bank of North Dakota, as mandated by the 1919 state legislature. Members of the Industrial Commission are the Governor, who acts as chairman, the Attorney General and the Commissioner of Agriculture of the State of North Dakota.
The Bank also has a seven-member Advisory Board appointed by the Governor. The members are knowledgeable in banking and finance. The Advisory Board reviews the Bank's operations and makes recommendations to the Industrial Commission relating to the Bank's management, services, policies and procedures.
The deposit base of Bank of North Dakota is unique. Its primary deposit base is the State of North Dakota. All state funds and funds of state institutions are deposited with Bank of North Dakota, as required by law. Other deposits are accepted from any source, private citizens to the US government.
We need to call Senator Conrad and ask him to explain the Bank of North Dakota. We need to ask him if the Bank of North Dakota is a socialist Bank. We need to ask him if the Bank of North Dakota should be closed since it is run by the State of North Dakota.
Senator Kent Conrad
530 Hart Senate Office Building
United States Senate
Washington, DC 20510-3403
Phone: (202) 224-2043