To Keep the Economy Afloat, the Fed Turns to North Dakota


The Bank of North Dakota is the only state-owned bank in the country, and their lending program is so effective that the federal government followed suit in the face of the unprecedented coronavirus. North Dakota's program is named The Main Street Lending Program, and it works by allowing local banks to be able to offer more loans to small businesses in their time of need by supplying 95% of the loan. This article explains how it works and lays out, policy by policy, the similarities and differences between North Dakota's approach and the federal government's subsequent approach.

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