With the State Treasurer serving as chair, the PDPC assures the security of local and state government funds deposited in approved financial institutions
The Public Deposit Protection Commission (PDPC) was created by the Legislature in 1969, the PDPC is administered through the office of the Washington State Treasurer, and is comprised of the State Treasurer, Governor, and Lieutenant Governor.
The PDPC approves financial institutions to hold state and local government deposits (i.e., public depositories) and monitors collateral pledged by those institutions to secure uninsured public deposits. Requiring public depositaries to pledge securities or letters of credit as collateral secures public treasurers' deposits when they exceed federally insured limits. It also minimizes participating public depositaries’ liability for defaulting financial institutions.