Economy Prompts New Look At North Dakota Bank

  • Playlist
  • Download
  • Embed
    Embed <iframe src="http://www.npr.org/player/embed/123800275/123800246" width="100%" height="290" frameborder="0" scrolling="no">
  • Transcript

The Bank of North Dakota, the nation's only state-owned bank, might seem to be a relic. It provides loans to farmers, businesses and students. The bank's president won't take credit for North Dakota's enviably low jobless rate, or the state's budget surplus. But officials in other states are wondering if it is helping North Dakota sail through the national recession.

LINDA WERTHEIMER, host:

Our last word in business takes us all the way back to 1919.

North Dakota's grain markets were in a terrible mess. Angry farmers wanted the state to help control the markets and provide low cost farm loans. Hence, the Bank of North Dakota was founded.

RENEE MONTAGNE, host:

To this day, it remains America's only state-run bank. It still provides loans to farmers, businesses and students, and also helps finance local projects. The bank's president won't take credit for North Dakota's enviably low jobless rate, or the state's budget surplus.

WERTHEIMER: He is getting tons, he says, of inquiries from other states wondering if this relic of populism might help steer their economies to a more sound financial future.

That's the business news on MORNING EDITION from NPR News. I'm Linda Wertheimer.

MONTAGNE: And I'm Renee Montagne.

Copyright © 2010 NPR. All rights reserved. Visit our website terms of use and permissions pages at www.npr.org for further information.

NPR transcripts are created on a rush deadline by a contractor for NPR, and accuracy and availability may vary. This text may not be in its final form and may be updated or revised in the future. Please be aware that the authoritative record of NPR’s programming is the audio.

Comments

 

Please keep your community civil. All comments must follow the NPR.org Community rules and terms of use, and will be moderated prior to posting. NPR reserves the right to use the comments we receive, in whole or in part, and to use the commenter's name and location, in any medium. See also the Terms of Use, Privacy Policy and Community FAQ.