By John Lawrence, includes "... Public banks are owned by cities, states or other jurisdictions and serve to keep funds local instead of being deposited on Wall Street. The funds are then used to support local economic activities like small business loans and student loans. ... Currently, the Bank of North Dakota (BND) is the only public bank in the country. All other states and cities deposit their revenues and pension funds with Wall Street with the profits going to Wall Street. That's why so many states are in dire straits while North Dakota's fiscal situation is just fine."