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Whether the Seattle City Council passes a tax on Seattle businesses or not, I hope members are thinking about where to put tax revenue. At the end of 2018, we are done with Wells Fargo. The other Wall Street banks are no better. Are local banks being evaluated? What about a Seattle City Bank?

There are so many advantages to Seattle taking control of its own banking. Consider financing affordable housing. The city could loan itself the money to build needed housing, and the interest on the loans would come back to the bank, allowing the city to build twice as much housing as it does now.

There appears to be no legal or other impediment to the City of Seattle establishing a public bank. Assuming approval by the City Council, the Municipal Bank of Seattle could be up and operating by the start of 2019, providing the banking services necessary for the city of Seattle operations as well as the beginning of a community bank lending program.

Karen Farnsworth, Seattle