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One state alone has it, North Dakota establishing the Bank of North Dakota (BND) in 1919. Access its web site at:
In contrast to privatized banks, it's not insured by the Federal Deposit Insurance Corporation (FDIC) for good reason. Instead, its deposits "are guaranteed by the full faith and credit of the State of North Dakota," proved trustworthy after over 90 years of sound money practices, unlike banks trapped by Fed control, wrecking many over decades.
Its deposit base is also unique, comprised mainly from state residents and funds of state institutions. However, other deposits are accepted from any private or public source. As mandated in 1919, North Dakota's Industrial Commission oversees BND. Its members include the governor as chairman, attorney general and commissioner of agriculture. The bank also has a seven-member governor appointed advisory board, knowledgeable in banking and finance.
On December 8, 2010, Governor Jack Dalrymple's 2011 - 2013 Budget Address highlighted a performance record other states would envy, struggling to cope with out-of-control deficits. In contrast, North Dakota had surpluses throughout the economic crisis. As a result, it's budgeting "unprecedented funding for transportation infrastructure, housing, water supply and water control projects and other infrastructure investments throughout the state."
Greater funding will also go for K -12 and higher education, economic development, agricultural research, health and human services, as well as quality of life enhancements, public worker pay increases, besides more for tax relief for state residents, amounting to $900 million in the 2011-2013 bienniums.
Moreover, strong reserves will be grown and maintained. Instead of cutting back like most other states, North Dakota is expanding and passing on benefits to residents. In December 2010, it also had the nation's lowest unemployment rate at 3.3%. BNB deserves the credit.
On January 4, Dalrymple delivered his State of the State Address, saying:
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