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In the News
A state-owned Public Bank benefits New Mexicans
By Renewable Taos Board, Taos News – How do we reach ETA goals when our state depends so heavily on the monetary returns from the fossil fuel industry? If it were just New Mexico, that would be one thing, but these mammoth economic shifts are driven by global forces. A Public (or State) Bank could provide a mechanism to help deal with these and other issues related to improving local economies and legislation is now being developed for the upcoming Legislative session.
New Mexico Economy Needs A Public Bank
By Paul O’Connell, KRWG – Public Banking is gaining interest across the country from California to New Jersey. It can occur at any level of government—city, county or state. Rather than owned by the private sector, it is a public institution like a University or Water Utility answering to the public it serves rather than stockholders.
Philly will consider establishing a public bank in an effort to boost Black-owned businesses
By Laura McCrystal and Sean Collins Walsh, The Philadelphia Inquirer – Philadelphia City Council will consider establishing a public bank, a move that lawmakers and advocates say would fight systemic racism and boost the local economy by serving business owners of color. Councilmember Derek Green introduced legislation Thursday to establish a public bank as a city authority that would have the power to provide loans, issue tax-exempt bonds, finance city construction projects, and perform other banking functions.
San Francisco moves a big step closer to a public bank
By Tim Redmond, 48Hills – Six San Francisco supervisors spoke today about their support for a public bank, guaranteeing that a measure just introduced by Sup. Dean Preston will be sent to Mayor London Breed. The legislation would set up a task force composed of banking industry experts, community members, and a representative of the offices of the treasurer and controller that would have a year to craft a business and structural plan.
San Diego resumes efforts to create city-run public bank
By David Garrick, San Diego Union-Tribune – San Diego city leaders want to explore creating California’s first government-run public bank, which could loan out tens of millions of dollars in city reserves for projects related to affordable housing, climate change, social equity or other goals. If approved, San Diego would launch its public bank with hundreds of millions of dollars from city reserves that it now keeps at Bank of America and US Bank.
New Mexico Debates Creation of State Public Bank; Idea Supported by CUs
By CUtoday – The NM legislature is debating the creation of a new state public bank, a move that has the support of New Mexico’s credit unions. The goal of the bank is to help the state’s small businesses and spur economic growth. Backers of the project told the news outlet opening a public bank would keep New Mexico’s money in New Mexico, rather than being invested in global banks outside of the state – which they say will lead to better economic development for the state.
NM public bank proposal gains momentum
By Stephen Hamway, Albuquerque Journal – Given New Mexico’s struggles attracting and retaining investment dollars, legislators are considering an unorthodox solution: establishing a statewide public bank. A local nonprofit, Alliance for Local Economic Prosperity, has developed a business plan that outlines the structure and approach for a state public bank, an entity the state could use to deposit assets and support state investment programs.
Albuquerque City Council Supports a Public Bank for New Mexico
Albuquerque City Council Supports a Public Bank for New Mexico
January 20, 2021 – Alliance for Local Economic Prosperity recently gained the public support of the Albuquerque City Council. The City of Albuquerque will join the cities of Santa Fe and Las Cruces in supporting a public bank for New Mexico.
VIDEO Albuquerque City Council Supports a Public Bank for New Mexico
The Importance of Place
By KUNM | January 18, 2021 Listen to Arturo Sandoval, founder of the Center of Southwest Culture, on KUNM's "Espejos de Aztlán" discuss the importance of Place in New Mexico within the context of a rapidly changing world. A New Mexico public bank could help to support...
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Episode: Everyone deserves a public bank
“I had the good fortune to work on this initiative before Bernie kidnapped all my time. This is one of those no-brainer initiatives that only the 1% could oppose. It has the potential to save the state millions of dollars by vastly reducing the cost of its bonds to improve infrastructure funding. in a public bank, our state funds can be used to build our local economy and our local infrastructure.”
– Paul Gibson
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