The city of Santa Fe has to deposit public funds in a chartered bank somewhere, so why not establish our own public bank for Santa Fe? That way the taxes, fees, licenses and fines we all pay can benefit our community rather than private shareholders who live someplace else. Bank decisions would be made by highly qualified bankers, not the city. It could also support our local community banks, credit unions and financial institutions. A Public Bank Feasibility Study completed for the city, and a Five-Year Financial Model by BankingOnNewMexico clearly establish that a public bank could have significant financial benefit for our community.
Now is the time for the city to appoint a task force to answer the remaining questions of: capitalization of the bank, a five-year business plan, governance, transparency and accountability to the public.
Nichoe Lichen – Santa Fe
