Please help move House Bill 1320, Rep. Bob Hasegawa’s bill to create Washington Investment Trust, (WIT). The WIT is based on the model of North Dakota’s State Bank. In Bob’s words, “The concept: keep taxpayers’ money working here in Washington to build our economy.
Currently, all tax revenues go into a “Concentration Account” held by the Bank of America. Instead, we can create our own institution and keep taxpayers’ dollars here in Washington, working for Washington.”
The mission of the Washington Investment Trust will be written into the law establishing the bank – Develop Agriculture, incustry and commerce for the benefit of the citizens of Washington State.
The bank would would have the ability to self-fund capital projects, keep money local, make small business loans and provide new credit sources.
Like the Bank of North Dakota, the Washington Investment Trust would partner with community banks and credit unions in their loan practices. As small businesses and farmers get credit, jobs will be created; this in turn will increase the revenue tax base of the state. All tax moneys and fees of Washington would be deposited in the Washington Investment Trust.
The chartering of a public state bank won’t solve all the problems of our recent recession. However there is a credit problem in WA at the present time and the bank will get credit flowing to where it is needed.