Press Room & Media
In the News
US agency offers $307 million for rural water projects
By Cedar Attanasio, Associated Press – The U.S. Department of Agriculture will issue up to $307 million in grants and low-interest loans in an effort to modernize rural water infrastructure, officials announced Wednesday. Officials made the announcement at a wastewater treatment center in the Ohkay Owingeh Pueblo, north of Santa Fe, where employees have worked to keep the aging plant running for its thousands of residents along the Rio Grande.
Going public
By Elaine McArdle, Harvard Law Today – One of the biggest challenges for the 2,000 Black-owned businesses that BECMA represents is getting access to capital in order to grow. For that reason, one of the nonprofit’s top priorities is the establishment of a public bank in Massachusetts, a state-owned bank that would offer low-cost loans to entities traditionally overlooked or rejected by regular commercial banks.
NM lawsuit accuses financial firms of market manipulation
By Mike Gallagher, Albuquerque Journal – The state of New Mexico filed a class action lawsuit against some of the largest financial institutions in the country alleging a 15-year pattern of manipulating the market for complex financial instruments called credit default swaps. The lawsuit claims that the SIC suffered losses from trading at artificial prices caused by a conspiracy to manipulate the auction price of the complex financial instruments in violation of the Sherman Anti-Trust Act.
Small Business Administration Cancels Grants After Discrimination Lawsuit
By Solcyre Burga, Next City – The U.S. Small Business Administration (SBA) has rescinded thousands of grants to minority and women-owned restaurants after a series of lawsuits by white business owners in Tennessee and Texas, the New York Times reports. Grant cancelation letters are still going out after the initial nearly 3,000 applicants had their payments halted on June 14.
Rhode Island Senate Adopts Memorial to US Congress Concerning the National Infrastructure Bank
By Coalition for the National Infrastructure Bank – The Senate of Rhode Island passed a resolution “Respectfully requesting the United States Congress to endorse the National Infrastructure Act.” Senate Resolution 0029 specifically calls for the adoption of HR3339, which was introduced into the 117th Congress.
Two-in-Three Voters Favor Creating National Green Bank
By Program for Public Consultation, University of Maryland – In a new in-depth survey, two thirds of registered voters favored legislation calling for the federal government to create a national green bank to invest in and promote private investment in clean energy. Green banks are public, non-profit banks and currently exist at state and local levels.
California Has a Plan to Restore Trust in Banking
By Oscar Perry Abello, Next City – In the state of California, around one million households are unbanked, according to the FDIC. The California State Assembly recently voted to approve a plan to create a state-branded bank account that would be offered to all Californians regardless of income, wealth, race or ethnicity, or immigration status. With its no-fee, no-minimum accounts, BankCal would attempt to restore that trust.
Big banks want communities of color to trust them. But it’s not so simple
By Samantha Masunaga & Jackeline Luna, Los Angeles Times – Communities of color have many reasons to distrust large national banks. In some cases, the wariness stems from racist practices in the financial system, such as redlining, or from past bank failures. In others, it arose from a lack of transparency about fees or a feeling that national banks want only certain kinds of customers.
National Infrastructure Bank will rebuild US
By Sen. Bill Tallman, Albuquerque Journal – Most people in the United States agree we need to make a massive investment in our nation’s infrastructure; however, we cannot agree on how to pay for it. As Congress takes up the issue, we urge them to join the growing legion of supporters for a new National Infrastructural Bank (NIB), to be established if the recently introduced H.B. 3339 is enacted
New center at NMSU aims to solve supply chain challenges
By Carlos Andres López, New Mexico State University – Faculty members from the College of Business at New Mexico State University launched the Center for Supply Chain Entrepreneurship with a mission to create an ecosystem that connects students and faculty to businesses and drives supply chain-focused entrepreneurial activity in New Mexico.
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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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