This bill establishes a task force to conduct a feasibility study on the creation of a state-owned public bank in Washington, inspired by the successful model of the Bank of North Dakota. The task force will consist of various representatives from community banks, credit unions, farming, mining, logging, transportation, and commercial building industries, all appointed by the state treasurer. The task force is tasked with examining potential legal barriers, benefits, mission, capital requirements, implementation timelines, financial viability, and governance structures for the proposed bank. The findings from this study are to be compiled into a report due by December 1, 2026, with the task force's activities set to expire on January 1, 2027.

Additionally, the bill emphasizes the urgency of this initiative by declaring it necessary for the immediate preservation of public peace, health, or safety, and it takes effect immediately. The task force is expected to meet monthly and consult with various stakeholders, including financial institutions and local government entities, to gather input and expertise for the study.