Will a public bank prove recession-proof for East Bay cities?

The Public Bank East Bay (PBEB) would allow local municipalities to reinvest taxpayer dollars currently kept in private bank accounts.

The Bank of North Dakota’s headquarters in west Bismarck, N.D. The bank, the only public bank of its kind in the country, was founded in 1919 to better protect the state’s farmers and ranchers from outside price hikes and market manipulation.

The plan for the PBEB is modeled on mission-driven policies of racial equity, environmental regeneration and democracy. The bank’s initial loans would focus on supporting affordable housing, small business, green energy and municipal finance. “There is a great advantage in doing this because it becomes our bank — we’re not putting the profits into the hands of the private banks,” McLaughlin said, adding that the PBEB’s banking attorney, Gary Findley, has helped start more than 100 community banks in California in the last five years. “We’re still in the process of getting things rolling, so it’s going to take a couple more years before we really launch the bank.

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