Creating the Washington state public bank.

This bill proposes the creation of a state-owned public bank in Washington to increase public financing capacity for infrastructure and other public initiatives without raising taxes or increasing state debt. The legislation would establish a new depository bank that holds state and local government funds, allowing the state to leverage deposits to provide loans for projects like transportation and community development. Modeled after the Bank of North Dakota, the public bank would operate under state control to generate profits for the people of Washington while offering lower-cost financing for public needs. The bill amends existing state statutes to authorize the bank's formation and outlines how the institution would manage deposits and loans to support economic development and reduce reliance on bond financing.