The Bank of North Dakota (BND) is a financial institution based in Bismarck, North Dakota. Under state law the bank is the State of North Dakota doing business as the Bank of North Dakota. Capitol building Bismarck is the capital of North Dakota, a state of the United States of America. ... State nickname: Peace Garden State, Roughrider State, Flickertail State Other U.S. States Capital Bismarck Largest city Fargo Governor John Hoeven Official languages English Area 183,272 km² (19th)  - Land 178,839 km²  - Water 4,432 km² (2. ...

All state and local government agencies are required to place their funds in the bank. While other enitites could theoretically place their funds in the Bank, the retail banking functions of BND have been limited to avoid competition with other institutions.

Instead, BND has taken a role more akin to a central bank, and has many functions, such as check clearing, that might be expected from a branch office of the Federal Reserve, though the Bank does not have an account with the Fed, nor is it insured by the Federal Deposit Insurance Corporation, instead being guaranteed by the State of North Dakota itself. A central bank is an entity responsible for monetary policy of its country (or in the case of the EU, group of member countries). ... The Federal Reserve System is headquartered in the Eccles Building on Constitution Avenue in Washington, DC. The Federal Reserve System (also the Federal Reserve; informally The Fed) is the central bank of the United States. ... The Federal Deposit Insurance Corporation (FDIC) was created by the Glass-Steagall Act of 1933. ...

BND also guarantees student loans, business development loans, and state and municipal bonds.

Though initially conceived by Non-Partisan League populists as a credit union-style institution to free the farmers of the state from predatory lenders, the Bank's functions were largely neutered by the time of its inception by business-backed IVA. The recall of Governor Lynn Frazier was the final nail in the coffin for the original plan. The Non-Partisan League was a political organization that was founded in 1915 in the United States by socialist A. C. Townley. ... A credit union is a co-operative financial institution that is owned and controlled by its members, generally through the election of a Board of Directors. ... Lynn Joseph Frazier (December 21, 1874 - January 11, 1947) was a U.S. Senator from North Dakota (1923-1941) and the Governor of that state from 1917 until being recalled in 1921. ...

External link

• Bank of North Dakota (http://banknd.com/)