North Dakota

Oakland Establishes Public Bank to Invest Money in Local Community


OAKLAND, CA (October 8, 2018) - Oakland will establish the first city-owned public bank in the United States, with ownership shared by Oakland, Richmond, Berkeley and Alameda County. Local residents’ distaste for corruption on Wall Street inspired this initiative, to avoid spending millions on debt servicing and transaction fees at big banks and reinvest money into the community.

The Bank of North Dakota is the only other public bank in the US and has proved to be a success thus far, earning $136 million for the state last year in its thirteenth consecutive year of profits. $30 to 50 million of these profits fund education, infrastructure projects and disaster relief programs each year.

Read the article here.

MIT Collaborates with Sioux Tribes to Develop Small Business in North Dakota

BISMARCK, ND (September 3, 2018) - The Massachusetts Institute of Technology launched the Oceti Sakowin Fellowship this year to connect the MIT community with entrepreners from the Sioux tribes with a focus on clean water, economic prosperity, affordable housing and renewable energy.

“In the Dakotas, creativity and ingenuity abound, yet so often entrepreneurs in these regions have been far too under-resourced. Together we can drive abundant collaboration for all doers in Oceti Sakowin and beyond,” tech entrepreneur Megan Smith writes.

Read more here.