The city of Minneapolis is looking into the "possibility" of launching a city-owned bank. But, of course, it's possible. So is opening a pet shop.
The reason there already isn't a Bank of Minneapolis is the same reason there isn't a City of Lakes Pet Shop. Affordable goldfish bowls can be found at privately held businesses without the city stepping in to provide them. The same is true for dry cleaning and just about anything else.
A place to open a checking account? Within walking distance of City Hall, I count four U.S. Bank branches, five more for Wells Fargo and branches for TCF, Bremer Bank, Associated Bank and others. Banks still may not be popular, but no one can say there aren't plenty of them that are open for business.
Supporters of a new banking arrangement are unhappy with Wells Fargo because the bank took a small piece of the 17-bank loan that's financing the Dakota Access Pipeline. This is the high-profile oil pipeline project that stalled in North Dakota as opposition to it intensified.
About the only thing that comes to mind that is similar to a city starting its own bank is an oddity of Minnesota life known as the "muni," a city-owned and operated liquor store.
The original idea many decades ago for setting up these stores owned by the government was to make it easier to get bootleggers out of the business. These "munis" exist now mostly for cities to buy down local government taxes by making money selling wine, beer and liquor. That strategy only works, of course, if the cities can make money at it. Last year, 34 Minnesota cities did not.
A municipal bank in Minneapolis is just an idea at this point. Last week, the City Council voted to have its finance staff come up with options for the city to do business with banks that had nothing to do with the fossil fuels industry that included the possibility of establishing a municipal bank.
It looks like a politically challenging assignment for the staff.