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Feb. 7, 2020

An update on the State Bank

State Bank video

Watch Bob Hasegawa’s most recent State Bank update by clicking the image above.

Dear Friends and Neighbors of the 11th Legislative District,

Creating a public bank of, by and for the people of Washington state has been my #1 priority issue for some time now. It is a public finance game changer proposal that will:

  1. Generate new revenue for the state without raising taxes.
  2. Drastically increase public financing capacity for public infrastructure while lowering costs.
  3. Keeps our tax dollars here in Washington State working for us instead of working to make more profits for Wall Street.

Legislative update on public banking:

Since the banking caused recession in 2009 I’ve worked to educate my fellow colleagues, and all Washingtonians (and around the US) about the power of the people owning our own bank and how we can use it to build Washington—and our public banking movement is growing!!  Proponents in areas all across the state — from Eastern to Western Washington, urban to rural — are actively working to educate, agitate, organize and mobilize for a public bank.

In 2018, the Legislature approved a budget proviso to contract the Evans School of Public Policy and Governance at the University of Washington to develop a business plan for a public bank in Washington. That business plan was due in June 2019 but has yet to be completed. Many of us in the Legislature have been working to correct this.

Meanwhile, we will continue building the movement for a public bank.  My current iteration is Senate Bill 5995. Many statewide organizations have adopted platform planks to support the public bank.  SB 5995 is modeled after the Bank of North Dakota, which is the only other publicly owned bank in the US.  While the rest of the world uses public banking as their financing foundation, we in the US have relied on commercial banking instead.  We need to find a better way.

Background Information:

  • What is public banking and SB 5995?  Learn more Link.
  • Or watch the public hearing on SB 5995 last week Link.
  • Public Banking Institute  Link
  • Learn more Link.

Recent victories nation-wide:

  • California passes public banking bill.  Link
  • New Jersey moving forward with public banking.  Link
  • In it’s 100th year, the Bank of North Dakota posted its 15th consecutive year of record profits for the people of North Dakota with an amazing 18% ROI (see BND’s 2018 Annual Report).  Link
  • San Francisco  Link
  • Los Angeles  Link
  • New York  Link

Stay up-to-date:

Subscribe to my office’s Public Banking newsletter here (under “View other topics”)

As always, I look forward to hearing from you on ways we can make the 11th District and all of Washington State a more equitable and livable home for all our residents.

In solidarity,

Hasegawa signature

State Bank Visit

Eddie Rye and Hayward Evans from the Civil Rights Coalition popped by for an update on the State Bank!