The Washington State Legislature has directed the Department of Financial Institutions to establish a public bank work group. The work group is established with the purpose of developing a Washington State banking implementation report.
Purpose
The work group is tasked with providing a public bank implementation plan to the legislature no later than June 30, 2027, with an update to the legislature by December 31, 2026. The implementation plan must include:
- Recommendations for the state public bank’s operational and administrative structure;
- An assessment of state funds or accounts which could be used to capitalize the state public bank; and
- An implementation plan for how the state bank should be formed.
Work Group Members
Work Group Chair
Charlie Clark Director, Washington State Department of Financial Institutions
Washington State Legislature
State Agencies
Public Banking Experts
Additional Participants
The work group may invite consultants and representatives from other public banks, including the Bank of North Dakota, Deutsche Bundesbank, and other experts in establishing or managing a public bank.
Meeting Information
The work group will meet monthly from July 2026 through July 2027. An agenda and meeting summary for each meeting will be posted below each month.
| Meeting Date | Minutes | Agenda |
|---|---|---|
| July 2026 | Meeting Minutes | Agenda |
Legislative Status and Background
There have been many different iterations of a public banking bill over the last decade plus.
Contact Us
Email: publicbankworkgroup@dfi.wa.gov
Phone: 1-877-746-4334