Nearly three years ago, Councilmember Grosso funded a study to determine the feasibility of establishing a public bank in the District of Columbia. Such an institution would enable D.C. to serve as a participation lender, partnering with–instead of competing against–local banks to drive lending to small businesses and others that have been historically denied access to credit.
Today, the D.C. Department of Insurance, Securities and Banking finally published the feasibility study, which can be found here and below.
Over the coming months, the District will examine policies to create a stronger, more equitable financial footing for D.C., its businesses, and its workers. North Dakota’s experience shows that a public bank is one of them.