State Treasurer Priority Legislation Headed to the Governor’s Desk
OLYMPIA – The Office of the State Treasurer has three pieces of request legislation and a key budget proviso headed to the Governor’s desk for enactment as the state Legislature concludes the 2022 session.
The bills are as follows:
- Senate Bill 5787, sponsored by Sen. Joe Nguyen (D-White Center), modernizes the state’s Linked Deposit Program by diversifying depositing options to maintain the health of the program. The Linked Deposit Program provides interest rate reductions to borrowers certified by the Office of Minority and Women’s Business Enterprise and the Department of Veteran Affairs.
- Senate Bill 5898, sponsored by Sen. Marko Liias (D-Everett), aids the state in keeping pace with infrastructure needs by supplementing existing highway bond authorizations with an additional pledge of vehicle-related fees for future bond issuances. This bill provides the state with increased flexibility in how future bond debt service is repaid and while also allowing the state to better accommodate the transition from gasoline to battery powered vehicles.
- Senate Bill 5728, sponsored by Sen. Jeff Holy (R-Cheney), dedicates the state’s portion of civil asset forfeiture dollars, approximately one million dollars annually, to the Behavioral Health Loan Repayment Program Account, which offers loan repayment assistance to behavioral health professionals who agree to practice in areas of our state where shortages impact reliable access to care.
- Funding to advance the Treasurer-proposed Washington Future Fund (HB 1861/SB 5752) was included as a proviso in the operating budget. The $450,000 allocation will set up a committee to examine wealth inequities, engage with communities around the state, and evaluate the potential impact of a “baby bonds” model program in Washington state.
The state’s supplemental budgets also followed recommendations from the Treasurer’s Office related to increase pension funding, limiting the debt ratio, and returning budget reserves to pre-pandemic levels, which will help to protect Washington’s superior credit standing and economic resilience.
“I am grateful to our partners in the legislature for their demonstrated commitment to the fiscal health of Washington state,” said State Treasurer Mike Pellicciotti. “My office is committed to protecting and growing our public dollars, championing policy that furthers the financial and economic interests of the people of Washington, and fighting for equitable access to capital, today, and for generations to come.”
The bills now await the Governor’s signature for final enactment.