Document Type
Article
Publication Date
8-2-2024
Abstract
This Article offers a conceptual framework for analyzing public banking as an institutional form of finance. It examines the key elements of design of a public bank as a financial institution―its core functions, sources of funding, asset structure, and governance framework―and highlights the opportunities and challenges presented by various choices along these dimensions. By isolating a series of pivotal decision points, the Article constructs a basic roadmap for designing a public entity capable of delivering the desired set of public benefits. To maximize these benefits on a system-wide level, the Article calls for a new approach to institutional design that would expand policymakers’ focus to the larger project of creating an ecosystem of public interest-oriented finance.
Keywords
public banking, bank regulation, banking crises, systemic risk, public investment, structural reform, public ownership, infrastructure bank, institutional design, federal reserve, FedAccounts, central bank digital currency (CBDC), National Investment Authority
Publication Title
Yale Journal on Regulation
Repository Citation
41 YALE J. REG. 1128 (2024).