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
| Name | Role |
|---|---|
| Charlie Clark | Chair, Director of the Department of Financial Institutions |
| Senator Bob Hasegawa | Washington State Senate |
| Representative Sharon Tomiko Santos | Washington State House of Representatives |
| Jasmine Vasavada | Office of the State Treasurer |
| Scott Nelson | Office of the State Auditor |
| Richelle Gieger | Office of the Insurance Commissioner |
| Greg Guedel | Industry expert |
| Francis Janes | Industry expert |
| Wayne Lau | Industry expert |
| Marco Rossi | Industry expert |
| Brian Sullivan | Industry expert |
| Peter Tomozawa | Industry expert |
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 | Summary | Agenda |
|---|---|---|
| September 2026 | Meeting Summary | Agenda |
| August 2026 | Meeting Summary | Agenda |
| July 2026 | Meeting Summary | 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