On February 1, 2010, bill HB 3162, which authorizes the creation of a state bank, was introduced to the Washington State legislature.
Sponsors: Representatives Hasegawa, Hudgins, Chase, Simpson, Dickerson, Goodman
A public hearing has been scheduled next Tuesday, March 2, 2010, for HB 3162. There has been so much interest in this idea that Chair Kirby of the FI & I committee has scheduled a special work session on the bill.
Details for Public Hearing:
Financial Institutions & Insurance Committee – Tuesday, 03/02/10 8:00 am
House Hearing Room D
John L. O’Brien Building
Olympia, WA
Read about the bill here, the text of the original bill here, the “bill digest” here, and the “bill analysis” here.
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Public Banking 
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Your site was extremely interesting, especially since I was searching for more info on this just sa few days ago.
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Update:
Effective Contingent on Amending the Constitution.
“The act is effective if a constitutional amendment, HCR 4224, is ratified by the voters at the next general election. If HCR 4224 is not ratified, the act is void in its entirety.”
Click to access 3162%20HBA%20FII%2010.pdf
Larry
Thanks for the update, Larry!