Bob Hasegawa is back (or maybe I lost track of him) at this Beacon Hill Council meeting rn and is talking about how the state bids out for banking services and framing the situations as Wall Street banks leveraging our tax dollars to make money.

He continues on to talk about also how the Government frequently borrows those funds back from banks via bonds! Equating that as lost money that we pay to 'Wall Street' in Debt Service when we could instead doing something else.

"We create a bank for and by the State of Washington and then we the people decide how to invest" "Generates new revenue without raising taxes - the holy grail of public finance"

Bob is explaining to the Beacon Hill Council Fractional-reserve banking, which is really impressive about trying to get people to understand and support an idea.

He also discusses how the investments of the state may be better placed with a pub. bank then trad investments.

I don't think most State Senators take a chunk of their evening to try and explain Public Banking to a group of 11 random people who come together to mostly talk about Beacon Hill issues.

It seems to me he is asking for people to support.

Bob says he thinks Inslee should do it by Executive Order if Leg can't get it done.

Mark Solomon is on the line, notably he supported a public bank when he ran for City council and is asking what 'do we need to do'

Bob says the holdup is not enough support and lobbying by banks/interests. Says people need to support. Some questions about auditing/transparency. Bob says they will staff appropriately, bill includes provisions on this topic. Bob says he'll be getting a new bill # next year.

Apparently the State was tasked with producing a business plan that was supposed to include model legislation and says it was ruined in some black box of politics and the outcome was trash so they are working on a new business plan right now.

Bob says State of California is moving forward on it, New Jersey's Gov is apparently working on a public bank. Says lots of activity all over on the topic.

Bob obverses that the state can't sell bonds really rn which is hurting states ability to do anything.

Bob also asks people to ask King County Council to support a Public Bank, so call or email your King County Council people! Says their support of a state bank would be helpful and they are nearly on board!

https://kingcounty.gov/council/about.aspx
cc @sharethecities

Bob says to please reach out to your legislators and ensure they support. Says to talk to family and friends and support.

Bob plugs a Facebook page "Invest in Washington not Wall Street" that I think he runs on this topic. https://www.facebook.com/statebankforwashington/

And now were back to talking about what kind of Grocery store the community wants.

Bob noted he would go to any community meeting you want to talk about public banks, so I guess call him up? He seemed like he could have talked for much longer.