WHEREAS, the taxpayers of Washington state have demanded greater accountability and wiser use of the taxes they pay to benefit Washingtonians, not Wall Street; and

WHEREAS, a state bank owned by and for the people of Washington State would meet those demands by using taxpayer dollars to invest in infrastructure, student loans, create jobs, increase access to capital for small businesses by supporting local community banks, absorb debt capacity, avert long-term debt payments to Wall Street, and keep taxpayer dollars in Washington state; and

WHEREAS, a publicly owned state bank will generate NEW REVENUE WITHOUT RAISING TAXES, and

WHEREAS, Senate Bill 5464– Creating the Washington Investment Trust (2017-18) would streamline and create efficiencies of the State’s numerous existing revolving loan programs and leverage their capacity to work for the people of Washington State while lowering overhead and exercising efficiencies of scale, paying its own operating costs, leveraging our financing capacity, and returning profits back to the state; and

WHEREAS, in 2012 the people of Washington State passed a Constitutional Amendment  (ESJR 8221), which lowered our debt capacity from 9% of state revenues to its current 8.25%, and again down to 8% by 2034, which leads to the conclusion that Washington State’s current crumbling infrastructure is as good as it will ever be under our current bond financing model because we’re already at our full debt capacity, and

WHEREAS, recent Washington State legislative sessions have exposed a serious lack of resources and bonding capacity to deal with the state’s overwhelming capital needs; and

WHEREAS, a state bank can grow in capacity to be an unparalleled resource for future generations of Washingtonians; and

WHEREAS, a successful model of public banking in the U.S. is the Bank of North Dakota, which was established in 1919 and is controlled by the people for the benefit of the people and economy of North Dakota, this year reported it’s 13th consecutive year of record profits for the people; and

WHEREAS, public banking is a bedrock of social development in most high achieving global economies like Germany, Japan, Brazil, Russia, India, and China, who have not yet privatized their banking systems; now, therefore, be it

RESOLVED, that (name of your organization) endorses the creation of a publicly owned State Bank (SB 5464), which shall be governed by an independent public Commission that is accountable and transparent to the people; and, be it further

RESOLVED, that (name of your organization) should work with others to convene a study group to examine the possibility of sponsoring an initiative of the people for the 2020 general election for the purpose of creating a publicly owned state bank; and, be it finally

RESOLVED, that a copy of this resolution be transmitted to the Washington State Governor, House and Senate leadership, Sen. Bob Hasegawa, and other civic-minded stakeholders for further dissemination to, and education of, the general public.