Will our state follow North Dakota’s lead?

One of the primary causes of the current deep recession was the unregulated and unscrupulous activities of major financial institutions. Given billions in bailout funds, the big banks are denying the communities the funding they need and are pouring hundreds of millions into executive salaries and bonuses.

That’s why Rep. Bob Hasegawa (D, 11th District) has introduced HR 3162 to make Washington the second state, after North Dakota, to charter a state-owned bank.

“A publicly-owned bank would mean we’d have full control of our tax dollars to work for our own communities, not to line out-of-state bankers’ pockets,” Hasegawa said. “It would mean public accountability and fiscal integrity. It would mean targeted investments in state priorities, such as supporting small business and local projects,” Hasegawa said.

He is working on the bill during the interim and seeking bipartisan support in the 2011 session.

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