In July 2018, Washington State’s Office of Financial Management asked the Evans School of Public Policy and Governance at the University of Washington to complete an evaluation on the benefits and risks of establishing and operating a state-chartered, public cooperative bank. This evaluation would inform the creation of a business plan for such a bank. The interim report delivered mid-December concluded that: “Improvements can be achieved by creating a state-chartered public cooperative bank.”
The report also clarified that creation of such a bank is feasible under the state’s constitution, although it would require an enabling statute and the amendment of others. The final business plan report is due June 30, 2019.
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