The Washington State Bank?

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posted Feb.21, 2010

The Washington State Bank?

It might jump start the economy

by Linda Boyd

Representative Bob Hasegawa (D-11th district) thinks that one way to jump start jobs and economic recovery would be to create a Washington State bank.

House Bill 3162, sponsored by Hasegawa and cosponsored by five others, seeks to authorize the creation of a Washington State bank. This would mean that all state funds and funds of state institutions would be deposited at the state bank.

The establishment of a state bank could fund the small and medium sized businesses that desperately need it, offer low interest student loans, and generate income for the state general fund.

This might be an excellent investment. According to the Small Business Association, small businesses have created 64% of net new jobs over the last 15 years.

A state bank would offer an alternative to the current lending practices of large banking institutions that often deny loans to small businesses and have failed to provide a return on our local investment in the bailout.

North Dakota is the only state in the nation with its own state bank. It is also one of the few states in the country with a strong economy. Many credit its resilience to the state bank, which supports its economy at all levels.

The Bank of North Dakota turns over about half of its profits to the state general fund. In the last decade, the bank put almost $300 million in North Dakota's treasury.

The state bank idea is catching on. Bill Bradbury, Candidate for Governor in Oregon, has also proposed a state bank of Oregon, “Putting Oregon Money to work for Oregonians.”

Officials from Florida, Oregon, Vermont, Michigan, New Mexico and Ohio have also inquired about North Dakota’s bank and are considering the creation their own state banks.

HB 3162 is tentatively scheduled to receive a hearing in the Financial Institutions & Insurance Committee on March 2. Implementation would require a constitutional amendment and voter approval. ◆

Comments (4)

Please keep comments polite and related to the above page.

#1 - Linda Andersson - 02/22/2010 - 00:29

I love the idea of a Washington State Bank! North Dakota has had one since 1919: Bank of North Dakota. It was originally created to help the farmers, who were getting ruined by private banks, but now every North Dakotan has been helped in so many different ways. It is a not-for-profit bank, kind of like a State run credit union.

I think that Hasegawa's HB 3162 is a great idea. I'm so sick of the big banks in Washington State forcing unrealistic fees onto us and refusing to help us with our mortgages, choosing instead to cash in on our reposessed homes. We bailed them out, and they gave away our hard-earned money as million-dollar bonuses to those who got them into trouble. When will we ever learn?

I'd support a Washington State Bank in a heartbeat.

#2 - J. Glenn & Barbara Evans - 02/22/2010 - 10:39

With enthusiasm we endorse the comcept of a Washington State Bank. Yes, it is time to move our money into local institutions. Our state and regional governments need to show leadership in development of community-based institutions and we need to back those efforts.

#3 - Ryan - 02/22/2010 - 17:55

The Washington State Bank is a limited bank that accepts states funds/ town funds, loans money to people with educational loans, and for low income (farmers). It's not to be for the average person.

#4 - Todd Boyle - 02/22/2010 - 21:32

Step in the right direction for sure! Good insurance against a capital strike by the global banking cartel (confiscating our medium of exchange) but on the other hand, we don't WANT loans. We don't WANT an economy based on "credit". We want an economy based on ordinary people and businesses, having working capital of course based on a lifetime of ordinary work and productivity, buying and selling with each other in a STEADY STATE, sustainable, routine process. NO NEED for banks at all. The hell with em.


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