Public bank task force

AN ACT Relating to establishing a task force to conduct a 1
feasibility study to address the creation of a state-owned, public 2
bank; creating new sections; providing an expiration date; and 3
declaring an emergency. 4
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:5
NEW SECTION. Sec. 1. The legislature finds that the bank of the 6
state of North Dakota has been very successful in providing a model 7
that other states can follow to stimulate their economies. The bank 8
of the state of North Dakota has been beneficial to local community 9
banks by providing participatory loans on needed value infrastructure 10
loans that otherwise would have been unobtainable. Such loans are for 11
the benefit of all residents of North Dakota, regardless of wealth or 12
position, with low interest rates and fees. A public bank does not 13
create dangerous derivatives, require high employee salaries, or 14
generate lobbying costs and exorbitant bond fees to middlemen, while 15
having the added benefit of returning profits to the state. The 16
banking operations of a public bank are transparent to the public 17
with no risk of bailouts or bail-ins.18
The legislature also finds that the state is currently facing an 19
enormous deficit in the coming biennia, thus delaying needed projects 20
like bridge and highway repair and the modernization of a decaying 21
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.
p. 1 HB 2469
ferry system. A public bank could also help with stockpiles of 1
commodities, foodstuffs, and medicines for any potential natural or 2
man-made disaster, along with helping fund other needs for a healthy 3
and robust state. Therefore, the legislature would like to study the 4
feasibility of establishing a state-owned, public bank. The 5
legislature intends to commission and fund a task force with the 6
participation of community bankers and businessmen to report back to 7
the legislature within one year with their findings on how Washington 8
could benefit from a public bank similar to the bank of the state of 9
North Dakota model. 10
NEW SECTION. Sec. 2. (1) The state-owned, public bank task 11
force is established, with members as provided in this section, 12
appointed by the state treasurer. The state treasurer is a member of 13
the task force and shall make appointments for other representatives 14
by September 1, 2025, as follows:15
(a) Three representatives from three separate community banks, 16
each with assets between $100,000,000 to $1,000,000,000;17
(b) Three representatives from three separate credit unions, each 18
with assets between $100,000,000 to $1,000,000,000;19
(c) Two representatives from farming operations, each with gross 20
income between $5,000,000 and $50,000,000; 21
(d) Two representatives from mining operations, each with gross 22
income between $5,000,000 and $50,000,000; 23
(e) Two representatives from logging operations, each with gross 24
income between $5,000,000 and $50,000,000; 25
(f) Two representatives from the transportation industry; and26
(g) Two representatives from the commercial building industry.27
(2) The state treasurer shall convene the initial meeting of the 28
task force by October 31, 2025. At the initial meeting, the task 29
force shall choose its chair from among its membership.30
(3) The task force shall meet at least monthly.31
(4) The task force shall conduct a study on the feasibility of 32
establishing a state-owned, public bank using the bank of the state 33
of North Dakota as a model, addressing the question of whether a 34
state bank could add value to Washington state, and, if so, what 35
would be the bank's scale and goals. The study must address:36
(a) Any potential legal barriers to creation, including possible 37
legal, regulatory, and constitutional issues; 38
p. 2 HB 2469
(b) Potential benefits to the state, including if the state-1
owned, public bank were the depository institution for the state and 2
local governments; 3
(c) The likely purpose and mission of a state-owned, public bank, 4
addressing whether a state-owned, public bank should:5
(i) Be a depository for local and state funds; 6
(ii) Provide funding for local infrastructure projects;7
(iii) Provide capital for the agricultural and natural resources 8
sector; and 9
(iv) Provide capital to expand energy infrastructure;10
(d) What initial capital requirements might be needed and what 11
potential sources of capital could be used; 12
(e) An estimated time horizon for implementation and 13
profitability; 14
(f) Estimated financial viability of a state-owned, public bank, 15
including projected profit and loss scenarios; and16
(g) The possible governance structure, potential staffing, and 17
other operational needs. 18
(5) In conducting the study, the task force shall consult with:19
(a) Financial institutions, including community banks and credit 20
unions; 21
(b) Organizations and representatives of agricultural and natural 22
resource commodities; 23
(c) Local government entities; 24
(d) The department of transportation; and 25
(e) Other potential organizations, businesses, community groups, 26
representatives, or individuals that the task force finds helpful for 27
providing input, feedback, and expertise. 28
(6) Staff support for the task force must be provided by the 29
office of the state treasurer. 30
(7) Members of the task force are not entitled to be reimbursed 31
for travel expenses if they are elected officials or are 32
participating on behalf of an employer, governmental entity, or other 33
organization. Any reimbursement for other nonlegislative members is 34
subject to chapter 43.03 RCW. 35
(8) The task force shall compile the findings from the study in a 36
report due to the governor and the appropriate committees of the 37
legislature by December 1, 2026. 38
(9) This section expires January 1, 2027. 39
p. 3 HB 2469
NEW SECTION. Sec. 3. This act is necessary for the immediate 1
preservation of the public peace, health, or safety, or support of 2
the state government and its existing public institutions, and takes 3
effect immediately.4
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p. 4 HB 2469