WDET News
- Bernero Calls For State-Owned Bank
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Mar 9, 2010State Capitol - Link to AudioLansing Mayor Virg Bernero is proposing a state-owned bank to ease the credit crunch for small businesses. He announced his plan during a news conference in Detroit Tuesday. Bernero says he wants to model the project after the highly successful Bank of North Dakota.
Lansing Mayor Virg BerneroThe Democratic gubernatorial candidate says hundreds of projects that would bring jobs to the state are on hold because state businesses can't get financing.
"Something must be done. This is something we can do in Michigan without federal help. This is something we can do to take the bull by the horns and establish a state bank and leverage some of our great assets in the state of Michigan."
Bernero says big banks are taking tax payer money to sure up their own accounts, but they are killing any chance of recovery in places like Michigan.
North Dakota has the only state-owned bank in the U-S.