Opponents of public banking often raise concerns about bureaucracy, inefficiency, and corruption in the public sector. However, the public bank will not be run by politicians, but by professional bankers who are accountable to a board of governors. These bankers will be mandated to serve the public, rather than shareholders or executives.

The Bank of North Dakota (BND) is a successful example of a publicly owned state bank. According to the Wall Street Journal, it is more profitable than Goldman Sachs and JP Morgan Chase. BND is known for its risk-averse lending practices, low costs, and partnerships with local banks. It does not pay bonuses or dividends, and does not compete with local banks.

Public sector banks, while not common in the US, are found in many other countries. Studies have shown that they are often more profitable, safe, and transparent than private banks.