The legislation to establish a public bank in Washington (SB 5188) and save taxpayers a boatload of money, was found dead in a back room of a rarely used Senate chamber in Olympia. Last rites were administered by the Senate chaplain. Attached to its file jacket was a cryptic note "Senate rules X file," later attributed to opposition forces who claimed responsibility.
The bill had apparently been stressed by many sessions of watering-down (legislative waterboarding) that weakened its purpose and will to live. Among the cruelest of blows was the removal of the word “bank” from its pages, twisting the bill into the establishment of a “ financial cooperative.” Constant mistreatment of the bill by the banking industry was listed as a contributing cause in the autopsy. Extensive bruising by “alternative vague language” was noted in the coroner's report.
Although the parents of SB5188 are grieving, good news is in the wind as they are expecting a new bill, Junior, in late November to be christened, perhaps at the start of the next legislative session.
SB 5188 - Requiescat in Pace.
A partial bio of the life of SB 5188 can be found below in Related Links.