Mukilteo Beacon - Your Hometown News Source

Duane Davidson, our state treasurer, firmly supports building upon Washington’s existing structure of banking and does not support the creation of a state bank because of the higher risk and lower return on investment compared to the current private banking system.

State banks are not FDIC insured. Duane takes his fiduciary responsibility seriously serving on the board of the public employee retirement accounts. Also, as guardian of Washington’s local government investment funds and rainy day fund, he has a deep-rooted interest in doing the right thing by protecting Washingtonians’ finances.

Using any of these resources to capitalize a bank would be reckless. The evidence from this and other municipalities’ studies has established there is too much taxpayer risk, and not nearly enough proven benefit from the formation of a state bank.

Re-Elect Duane Davidson as our State Treasurer for another four years of responsible management of our state funds.