Washington legislators considering state bank

The Associated Press • January 16, 2012

Washington state lawmakers are considering forming a state bank that would be able to make student loans, distribute welfare aid and help finance public works.

The idea is championed by state Rep. Bob Hasegawa, whose district from from Renton to south Seattle. He introduced a bill last week he says won’t run afoul of the state constitution’s prohibition against lending the state’s credit.

The Olympian reports the state bank idea is endorsed by House Speaker Frank Chopp of Seattle who calls it the Washington Investment Trust.

Other lawmakers say it would add to the state bureaucracy and compete with private banks. State Treasurer Jim McIntire says there already are a number of agencies that have similar goals.

Read the article here.

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