Currently, projects which could stimulate the economy are made more expensive by paying high interest rates to private banks. For example, one loan in Napa Valley, CA will cost the public $154 million on a $22 million project. Interest money is siphoned from the public into the pockets of bankers.
The creation of public banks, such as the one existent in North Dakota, allows low-interest loans to fund public projects as well as worthy private businesses, and other projects in the public interest.
The expansion of public banks would increase the efficiency of government and public projects. They would encourage more efficient economic growth and employment by reducing the cost of projects. These banks could provide loans for projects which provide valuable services to the public.
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