Create a public bank for Washington
Washingtonians deserve a banking system that works for us, not Wall Street. SB 5754, creating a Washington state public bank, is a commonsense step toward reclaiming our public wealth for the public good.
Today, our state deposits billions of taxpayer dollars into private banks, receiving minimal interest while losing all control over how those funds are used. A public bank changes that.
The model already exists. The Bank of North Dakota, founded in 1919, has been profitable for over a century, generating roughly $500 million annually in profits reinvested back into the state. It partners with local community banks and credit unions — rather than competing with them — to fund affordable housing, student loans, disaster relief and clean energy…