Washington Public Funds Bill Passes House
February 29, 2012
As the 2012 Washington state legislative session enters the home stretch, Senate Bill 5913—known as the public funds bill—is now a stone’s throw from becoming law.
The public funds bill passed the Washington State House of Representatives yesterday by a vote of 80-16 with two excused. The bill, which also passed the Senate on Feb. 9, allows federal credit unions to become public depositaries and raises the amount that public entities can deposit at a credit union to the maximum level of federal insurance.
The next step is for the bill to be signed into law by Governor Christine Gregoire. If the bill is delivered to her before the legislature’s scheduled adjournment on March 8, she will have five days to either sign or veto the legislation. If it is not delivered before the end of session, she has 20 days to either sign or veto the bill.
Most of the policy committees have held their final hearings of the year—House and Senate financial institutions committees included—and the remaining work will focus on floor session and passing bills necessary to implement the budget. The deadline to consider opposite-house bills is Friday, March 2, at 5 p.m., and the last day allowed for regular session under the state constitution is Thursday, March 8.
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