Letter: A state bank would keep Washington’s money here


The Washington State Office of Financial Management used $480,000 to contract with the Daniel J. Evans School of Public Policy and Governance at the University of Washington to study the benefits and risks of establishing a Washington public bank, modeled after the 100-year-old, highly successful and valuable State Bank of North Dakota.

The interim report, delivered in mid-December by the school concluded, “improvements can be achieved by creating a state-chartered public bank.”

Did the study include information on how valuable the Bank of North Dakota is to the economy of North Dakota?

No. The contract may have prohibited them from doing exactly that. However, the study took great pains to tell of a survey it conducted with county treasurers, public utility districts, fire districts, water and sewer districts, etc. and their indifference to the survey.

How many people in those entities do you suppose are knowledgeable of the success and value of the State Bank of North Dakota? I think, zero.

The Washington State Office of Financial Management did an excellent job of wasting $480,000 of the taxpayer’s money.

Not to be left out, Duane A. Davidson, state treasurer, conducted his “study of studies” to arrive at his preconceived conclusion, that a state bank is bad.

Did he study the success and value of the State Bank of North Dakota?


Is Duane interested in keeping Washington’s money in Washington for the benefit of Washington’s economy? Apparently not. He is even opposed to those who are interested.

A great deal of time, energy and resources were expended for 10-plus years by citizen organizations, state senators and representatives to enhance Washington’s economy by establishing a state bank to keep Washington’s money in Washington and working to enhance the economy of Washington.

Island County’s state Sen. Barbara Bailey, and Reps. Dave Paul and Norma Smith are noticably absent from that effort.

Bob Genereaux

Oak Harbor

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