Report:
Community Banking Decline and Consolidation
Banking consolidation in the United States has reached historic levels. Unless countervailing trends emerge, the United States will continue to lose its small community banks, and the banking market will further be consolidated into a few “too-big-to-fail” financial institutions. In Washington, the impact of consolidation has meant that the state’s banking market is controlled by out-of-state megabanks.
Report:
The Viability of a Public Bank in Washington
Since the Great Recession, legislators in Washington have continually proposed the creation of a state-owned public bank. Despite numerous proposals, the state has yet to create such an institution. In this report, Washingtonians for Public Banking describes the constitutionality, financial viability, and relationship that a state-owned public bank would have with Washington’s community banks, credit unions, and community development financial institutions.
Memo:
Public Banks as Public Development Authorities
It is possible for local governments to establish Public Development Authorities (PDAs) as public banks. If established these public banks could make needed investments in local communities and give Washington’s county and municipal governments greater power over their financial futures.
Memo: Washington State Credit Facility
A state credit facility is a program that authorizes the state treasurer to transform a percentage of the state’s average daily balance into low-interest loans. If adopted in Washington, the program could potentially create over a billion dollars in new lending to the state economy.
