Organizing a Sovereign State Bank with Professor Richard A. Werner - Full Interview
For the first Solari Report interview of 2025, I am pleased to welcome back Professor Richard A. Werner (
@ProfessorWerner), one of the world’s top experts in banking and finance. He returns to deepen our discussion of sovereign state banks, a topic he previously addressed in his superb briefing memo titled Why A Sovereign State Bank Is Good for Tennessee, which was part of our 2023 report on The Future of Financial Freedom. Richard has now produced a similar document for the state of Florida, which has announced its interest in creating a State Bank of Florida.
Currently, North Dakota is the only U.S. state with a sovereign state bank—the very successful Bank of North Dakota (BND). Given that one of the principal aims of a sovereign state bank is to support (and not compete with) the small local banks that are the backbone of vibrant local economies, it is no accident that North Dakota’s community banks and credit unions—and hence, its small businesses—are thriving. In North Dakota, 83% of the state’s total bank deposits are in community banks and credit unions, versus just 30% on average in other states.
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