Washington State Sen. Bob Hasegawa has been working diligently on a state-owned bank ever since 2011. Last month, the legislature finally authorized $75,000 for a study to determine the feasibility of such a bank. On July 14th, he and Sen. Lisa Wellman held an all-day workshop at which public banking veterans Walt McRee, Ellen Brown, and Karl Beitel were invited to advise.
Attendees included six senators, four representatives from the state treasurer’s office, one from the comptroller’s office, and two local bankers. For more details, see the news release here.
At the city level, Sen. Hasegawa also intends to create a city public bank for Seattle if he wins his race for mayor this fall! Here is an informative white paper on the proposal, which dovetails with the city’s divestiture from Wells Fargo. Where to put the money? The city’s own bank, of course!
Pictured above:Washington State Bank Workshop: Senator Hasegawa (host), Representative Ornsby, Senators Chase, Wellman, Kuderer, Presenters: Walt McRee, Former PBI Chair, Ellen Brown, Chair PBI , Dr. Karl Beitel, Senator Soldana