Press Room & Media
In the News
By Brady Wakayama & Stephanie Chavez, KRQE – There is a new push – backed by several state lawmakers, and now some Albuquerque city councilors – for New Mexico to establish a state public bank. “It’s a great low cost, very easy way to make sure small businesses and economic development projects, municipal projects of all kinds, can get capitol pretty quickly,” said Dan Mayfield, VP of the Credit Union Association.
By Kevin Robinson-Avila, Albuquerque Journal – The U.S. has emerged from previous economic downturns like today’s pandemic-induced slump by building new infrastructure. And given the immense construction needed to add transmission capacity, modernize grid technology, and build renewable generation facilities, transitioning to a green economy could provide a robust path to recovery while also laying the foundations for new, sustainable industries.
By Oscar Perry Abello, Next City – The City of Albuquerque spends around $400 million a year on purchasing goods and services — excluding any CARES Act spending. About 65 percent of that already goes to local businesses in Albuquerque. “I would say I don’t see us surviving COVID without the City of Albuquerque business,” says Diverse Office Supply CEO Kerry Brennan Bertram. “I’m not exaggerating, I really don’t see how we could have managed.”
By Doug Lynam, Santa Fe New Mexican – According to a study by California State University, Northridge, New Mexico has almost 10 times more payday lenders than it does McDonald’s restaurants. Meanwhile, we are near the very bottom in U.S. News & World Report state rankings for education, economy, opportunity, fiscal stability and crime. How do we bring more money into our state?
By Oscar Perry Abello, Next City – The unprecedented circumstances of the pandemic and the unprecedented responses it elicited from various levels of government and the private sector revealed a lot about where money comes from and how it circulates around the economy. It provided an occasion to look back at ideas that offer relevant insights for today.
By Ellen Brown, Web of Debt Blog – Millions of Americans have joined the ranks of the unemployed, and government relief checks and savings are running out; meanwhile, the country still needs trillions of dollars in infrastructure. A self-funding national infrastructure bank modeled on the “American System” of Alexander Hamilton, Abraham Lincoln, and Franklin D. Roosevelt would help solve not one but two of the country’s biggest problems.
By Madison Staten, KRWG – The Alliance for Local Economic Prosperity is calling on the Las Cruces City Council to approve a resolution in support of a public bank in New Mexico. Angela Merkert, the executive director of the Alliance for Local Economic Prosperity, says the formation of a public bank will lead to greater economic health for the state.
By AM1100 The Flag – State-owned, public Bank of North Dakota (BND) released its final COVID-relief program numbers and amounts for the four programs it administered to stimulate economic recovery. The Bank utilized its network of banks and credit unions across the state to ensure the delivery of funds happened as quickly and efficiently as possible.
By Ellen Brown, Common Dreams – The Fed must rely on private banks to inject credit into Main Street, and private banks are currently unable or unwilling to do it. The tools the Fed actually needs are public banks, which could and would do the job.
By Daniel La Spata, Matt Martin, Robert Peters and Ameya Pawar, Chicago Sun-Times – Arresting poverty, inequality and the racial wealth gap requires a genuinely transformational tool: a public bank. Why do communities need a public bank? Banks create money when they lend. This superpower is the cornerstone of economic development. Loans stimulate economic growth, increase property values, and build wealth — and we can harness this power to benefit all communities.