In 2018 alone, Wells Fargo extracted more than $500M from Oregon. Wells Fargo isn’t even the most commonly used bank for State and municipal accounts.
Wall Street’s big, profit-driven banks not only take money out of the local economy to send to their executives and shareholders in the form of dividends and stock buy-backs, they have also been caught making fraudulent accounts, needlessly foreclosing on thousands of homeowners, and giving golden parachutes to misbehaving executives.
Big banks have historically focused too much on ways they can enrich themselves through federal assistance programs meant for low income people, and haven’t focused enough on getting assistance to the people who need it the most.
By contrast, the publicly owned Bank of North Dakota has been very effective in getting federal assistance funds from the recent CARES Act to the people they were intended for. The Bank of North Dakota also has the highest credit rating of any bank in the country! Its executives are focused on serving the public interest, while private bankers are focused on making as much money as possible for themselves.