Bill > HB2556

This bill establishes the Washington State Public Bank, a state-owned depository bank intended to increase public financing capacity without raising taxes or increasing state debt. The bank will be managed by an operating board and will function as an instrumentality of the state, exercising essential governmental functions. Its primary purpose is to provide financial assistance for infrastructure and economic development projects for local governments, tribal governments, and the state itself, aiming to reduce borrowing costs for taxpayers and generate profits for the state. The bank will be capitalized through appropriations and can accept deposits from state and local governments, leveraging these funds through standard banking practices, similar to the Bank of North Dakota, which is cited as a successful model. The bill also makes amendments to existing laws to allow local governments to invest in the public bank and its bonds, and to clarify that the public bank can engage outside legal counsel.

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https://app.leg.wa.gov/billsummary?BillNumber=2556&Year=2025&Initiative=false