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> I’m well aware reserve requirements aren’t a thing anymore Uhh, where did you hear this?
Probably in relation to https://www.federalreserve.gov/monetarypolicy/reservereq.htm
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Not sure how you are comparing them but BNY was a major commercial bank until it sold its retail to chase. Now it’s a too big to fail private financial services company. BND is interesting because it’s literally North Dakota, the states, banker. BNY governmental association is long gone in comparison.
I thought they were saying that a hypothetical state run "Bank of New York", set up similar to BND, would have a lot more assets. They weren't referring to any real organizations called BNY.
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I thought they were saying that a hypothetical state run "Bank of New York", set up similar to BND, would have a lot more assets. They weren't referring to any real organizations called BNY.
Yep, that's what I meant. Sorry!
That makes the policy decisions for bnd less contentious and non-competitive which allows it to do things other bigger states might not be able to do with a state bank.
The asset size seems incidental to the population size. But perhaps not.
I wish there was some books, lectures, etc. about what makes BND unique and what it does. Can’t find anything.
Not directly about the bank, but [Insurgent Democracy]( https://press.uchicago.edu/ucp/books/book/chicago/I/bo210283... ) is a great read. The Non-Partisan League successfully organized rural farmers against corporate power in the 1910s & 20s. Though they only were in power for a decade or so, their legacy is still quite strong. BND, state hail insurance, and a state-run grain mill to name a few!
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Yep, that's what I meant. Sorry!
Hard to know honestly. My personal (non-expert) opinion is that the assets are the less important attribute. The more important attribute is the small size and high uniformity of the state population and the industry mix of the state. That makes the policy decisions for bnd less contentious and non-competitive which allows it to do things other bigger states might not be able to do with a state bank. The asset size s…
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It’s not, but credit unions don’t either and they’re more “left wing” ideologically.
And why do I care whether my financial institution is more "left wing" ideologically? More: If they are, why would I regard that as a good thing? Ideology is the last thing I want from a financial institution.