The proposed bill establishes a Washington State Public Bank aimed at enhancing public financing capabilities without increasing taxes or state debt. It creates a publicly owned depository bank that can leverage state funds for infrastructure and public initiatives, detailing its governance structure, including an operating board of directors and the role of the state treasurer as an ex officio director. The bill emphasizes transparency and accountability, allowing local and tribal governments to become members and mandating that the bank prioritize investments in public housing. It also clarifies that the public bank is not subject to the jurisdiction of the Department of Financial Institutions and will not create state debt.

Additionally, the bill introduces new powers for the public bank, including the ability to sue, adopt bylaws, and issue bonds that do not create state debt, with repayment obligations from the bank's special funds. It expands investment options for local governments to include bonds issued by the public bank and updates confidentiality provisions to protect sensitive financial information. The bill amends existing laws to ensure that the public bank's operations are effectively managed while safeguarding proprietary data, and it includes a severability clause to maintain the enforceability of remaining sections if any part of the act is found invalid.

Statutes affected:
Original Bill: 39.59.040, 42.56.270, 42.56.400, 48.200.040, 44.28.065