State bank’s the answer

North Dakota is the only state in America that has owned its own bank system, and for the last 93 years. The last 10 years the Bank of North Dakota has returned more than a third of a billion dollars to the state’s general fund. By providing affordable, low-interest credit for business expansion, new businesses and students, BND has helped North Dakota sidestep the credit crisis altogether.

The BND partners with private banks, providing a secondary market for mortgages; offers “wholesale” banking services such as check clearing and liquidity support to private banks; and invests in North Dakota municipal bonds to support economic development.

Unlike private banks, public banks don’t speculate or gamble on high-risk financial products, pay outrageous salaries and bonuses to their management, but are instead salaried civil servants. All profits are returned to the only shareholder – the people.

I urge everyone to call, e-mail or write their representatives regarding House Bill 1320 and Senate Bill 5238, which propose the creation of Washington Investment Trust (WIT) to “promote agriculture, education, community development, economic development, housing, and industry” by using “the resources of the people of Washington State within the state.”

Carole Landt

Reardan, Wash.