Kudos to the forward-thinking city of Santa Fe and consultant Katie Updike for the excellent public banking feasibility study. Kudos, too, for Banking On New Mexico and the Brass Tacks’ five-year model. Both studies may be found at bankingonnewmexico.org. Thousands of hours of thinking outside the box have gone into the creation of a chartered public bank — managed by bankers, not politicians — which would use community taxes, fees and fines to fund our own community needs.
In the five-year model, the bank refinances $45 million of the city’s current debt and it is predicted to save the city $1million in debt service and make a small profit in the first year. In five years, the bank would make a profit of $10.5 million and reduce the city’s debt by $4.8 million. How cool is that? Please read the report for yourself and contact Janiece Jonsin, bankingonnm@gmail.com , to help spread the word.
Pamela Gilchrist – Santa Fe
