The prospect of starting a county-owned bank generated contentious debate during the Luzerne County Council meeting Tuesday night, with several members of the public questioning its feasibility.
Council Vice Chairman Edd Brominski has suggested creating a public bank to alleviate the county's massive debt. He hosted a breakfast seminar Monday morning in which Mike Krauss, a director of the Public Banking Institute, said such a facility could help reduce government debt and slash interest rates while keeping county money local.
The bank would assist local banks with capital for loans and would not compete with them, Krauss said. Krauss suggested money that has been "squirreled away," such as pension funds, could fund the endeavor.
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