Progressive political candidates have clamored to launch public banks in the lead-up to the 2026 midterm elections. However, there is just one active example in the United States: the Bank of North Dakota. Chartered in 1919, this bank uses tax revenue from the state to fund and execute strategic economic development priorities for North Dakota. The bank has assisted in sales of fossil fuel assets, a presidential library, and general lending to citizens and businesses in need. CNBC’s Garrett Downs reports on this “socialist experiment” unfolding deep in Trump country.
Chapters:
00:00 Introduction
01:14 Strategic investments
03:32 Cowboy socialism
06:34 Politics
Reporter: Garrett Downs
Produced and Shot by: Carlos Waters
Edited by: Andrea Miller
Additional Camera by: David Soltis
Animation: Jason Reginato, Emily Park
Senior Managing Producer: Shawn Baldwin
Additional Footage: Getty Images
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The ‘Socialist’ Bank Thriving In Trump Country
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