BUSINESS
05/29/2010 05:12 am ET Updated May 25, 2011

Support For Publicly Owned Banks Gains Momentum State Races, Legislatures

Michigan, which has an unemployment rate of 14 percent, has been particularly hard hit by the economic downturn. Virg Bernero, mayor of Lansing, the state's capital, and a leading Democratic candidate for governor, proposes to relieve the state's economic ills by opening a state-owned bank. He says the bank could protect consumers by making low-interest loans to those most in need, including students and small businesses; it could also help community banks by buying mortgages off their books and working with them to fund development projects.

Bernero joins a growing list of candidates proposing this sensible solution to their states' fiscal ills.

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