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Lawmakers hear creation of Washington public bank; proponents point to Bank of North Dakota model, bankers voice concerns
Summary
Senate committee heard pro‑ and con testimony on SB 5,754 to create a Washington State Public Bank. Supporters said a state‑owned bank could leverage public deposits to fund infrastructure and housing at lower net cost; bankers and community banks raised risk, oversight and deposit liquidity concerns.
OLYMPIA — The Senate Financial Services and Trade Committee held a public hearing on SB 5,754, a proposal to create a Washington State Public Bank that would be owned by public members and able to lend to local and tribal governments and support infrastructure and economic development.
Committee staff described the bill’s structure: the bank would be established by appropriation, governed by a nine‑member board (including five directors appointed by bank members, three gubernatorial appointees, and the state treasurer as an ex officio member) and housed administratively within the office of the state treasurer. The bill would permit local and tribal governments to join as members and to borrow from the bank; bonds issued by…
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