1. United States
2. Wash.
3. Letter

I am writing to urge you to support legislation that would establish a publicly owned bank for Washington State. This proposal offers a practical solution to our state's chronic budget challenges while addressing critical needs in housing, education, and clean energy infrastructure. Washington State generates approximately $35 billion in annual revenue, yet we continue to face budget shortfalls despite years of economic growth. Currently, these funds are deposited in private financial institutions, primarily large too-big-to-fail banks headquartered outside our state. This means Washington taxpayers are essentially subsidizing out-of-state corporations while our own communities struggle with underfunded schools, housing shortages, and delayed infrastructure projects. A publicly owned bank would redirect state revenue into an institution that serves Washington residents. The state would deposit its funds in this public institution and make loans to local and tribal governments from those deposits. The bank would operate as a cooperative membership organization, allowing local and tribal governmental entities to join as members, deposit their revenue, and access loans for housing, infrastructure projects, and other community needs. This approach enables Washington to make critical economic investments without adding to state debt. Instead of paying interest to private banks, our state would generate returns that benefit public priorities. Local governments would gain access to affordable financing for projects that directly improve the lives of constituents. The current budget crisis demonstrates exactly why we need this alternative. Schools are at risk of closing, housing remains unaffordable for too many families, and clean energy infrastructure development continues to lag. A public bank gives Washington the financial tools to address these challenges while keeping our money working for our communities rather than enriching distant shareholders. For more information about this initiative, I encourage you to visit waforpublicbanking.org. I strongly urge you to vote yes on establishing a publicly owned cooperative bank for Washington State.