H-1667.1
HOUSE BILL 2469
State of Washington
69th Legislature
2026 Regular Session
By Representatives Chase, Street, Parshley, Fosse, Simmons, Zahn, Goodman, and Pollet
Read first time 01/14/26. Referred to Committee on Consumer Protection & Business.
AN ACT Relating to establishing a task force to conduct a feasibility study to address the creation of a state-owned, public bank; creating new sections; providing an expiration date; and declaring an emergency.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1. The legislature finds that the bank of the state of North Dakota has been very successful in providing a model that other states can follow to stimulate their economies. The bank of the state of North Dakota has been beneficial to local community banks by providing participatory loans on needed value infrastructure loans that otherwise would have been unobtainable. Such loans are for the benefit of all residents of North Dakota, regardless of wealth or position, with low interest rates and fees. A public bank does not create dangerous derivatives, require high employee salaries, or generate lobbying costs and exorbitant bond fees to middlemen, while having the added benefit of returning profits to the state. The banking operations of a public bank are transparent to the public with no risk of bailouts or bail-ins.
The legislature also finds that the state is currently facing an enormous deficit in the coming biennia, thus delaying needed projects like bridge and highway repair and the modernization of a decaying ferry system. A public bank could also help with stockpiles of commodities, foodstuffs, and medicines for any potential natural or man-made disaster, along with helping fund other needs for a healthy and robust state. Therefore, the legislature would like to study the feasibility of establishing a state-owned, public bank. The legislature intends to commission and fund a task force with the participation of community bankers and businessmen to report back to the legislature within one year with their findings on how Washington could benefit from a public bank similar to the bank of the state of North Dakota model.