Public banking has support across the political spectrum. The Bank of North Dakota, the only state-owned bank in the country, has long been backed by both Democrats and Republicans in one of the most conservative states in the U.S. Its popularity comes from its steady performance and practical value. The bank supports North Dakota’s economy by providing low-cost loans to farmers, small businesses, students, and homeowners, and it returns profits to the state treasury, which helps reduce pressure to raise taxes.

In California, where public banking has gained strong support in a Democratic-controlled legislature, the focus has been on using public banks to address urgent local needs. The California Public Banking Act (AB 857) was passed to give cities and counties a tool to invest in affordable housing, support small businesses, and fund infrastructure projects that respond to the climate crisis.

Public banks are accountable to the communities they serve, not to private shareholders. That gives them the flexibility to invest in ways that reflect the needs and values of local residents, whether the priorities are economic development, fiscal responsibility, or environmental sustainability. This ability to respond to local priorities is part of why public banking has drawn support from both conservatives and progressives.