Public banking has broad appeal across political ideologies. The Bank of North Dakota, the only state-run bank in the US, is supported by both Democrats and Republicans in the conservative state of North Dakota. This is due to its track record of supporting the state’s economy through low-cost loans to farmers, businesses, homeowners, and college students, as well as its contributions to the state treasury which help reduce the need for tax increases.
In California, a largely Democratic state, the passage of the California Public Banking Act (AB 857) has been seen as a solution to pressing issues such as affordable housing, small business support, and financing infrastructure improvements to address the climate crisis. Public banks are accountable to the communities they serve and are able to make investments that reflect the desires of the majority of residents, considering the perspectives of both conservatives and progressives.