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Legislation watch
2021 Senate Bill 5188: Concerning the creation of the Washington state public bank
Introduced by Sen. Patty Kuderer (Bellevue) (D) on January 13, 2021
Referred to the Senate Business, Financial Services & Trade Committee on January 13, 2021
Substitute offered in the Senate on February 9, 2021
Activates a public financial cooperative as a cooperative membership organization to lend to state, local, and tribal governmental entities. Establishes the public financial cooperative to issue debt in the name of the bank rather than the state of Washington.
Referred to the Senate Ways & Means Committee on February 10, 2021
Referred to the Senate Rules Committee on February 22, 2021
Amendment offered by Sen. Sharon Brown (Kennewick) (R) on March 5, 2021
Requires the cooperative to maintain a reserve fund that is funded to cover two years of debt service on all loans made to borrowers.
The amendment failed by voice vote in the Senate on March 5, 2021
Amendment offered by Sen. Perry Dozier (Walla Walla) (R) on March 5, 2021
Limits the membership of the public financial cooperative to local and tribal governments. Requires a loan with a five year term rather than an appropriation from the state to capitalize the cooperative.
The amendment failed by voice vote in the Senate on March 5, 2021
Amendment offered by Sen. Phil Fortunato (Auburn) (R) on March 5, 2021
Requires the bylaws and regulations submitted to the Department of Financial Institutions by the cooperative to include provisions related to the default on bonds issued by the cooperative. Prohibits state funds from being used to pay for bond obligations, including those created by a default on bonds issued by the cooperative.
The amendment failed by voice vote in the Senate on March 5, 2021
Amendment offered by Sen. Patty Kuderer (Bellevue) (D) on March 5, 2021
Removes the statutory reference to RCW 43.376.010 and defines a tribal government as the governing body of a federally recognized Indian tribe.
The amendment passed by voice vote in the Senate on March 5, 2021
Amendment offered by Sen. Shelly Short (Addy) (R) on March 5, 2021
The amendment failed by voice vote in the Senate on March 5, 2021
Received in the House on March 7, 2021
Referred to the House Consumer Protection & Business Committee on March 7, 2021
Referred to the House Appropriations Committee on March 26, 2021
Received in the Senate on January 10, 2022
Referred to the Senate Rules Committee on January 14, 2022