Santa Fe is researching the feasibility of a chartered public bank. This type of bank is different from a traditional bank in that its sole purpose would be to accept deposits of our community funds gathered from taxes, fines, etc. Instead of depositing our public money with Wells Fargo or Citibank, which charge big fees and high interest rates for Santa Fe to borrow back what’s really our own money, a public bank would issue bank credit against these public funds for public projects, like infrastructure.
Those big, poorly regulated banks crashed our local economy in 2007-08. Santa Fe is still struggling — fewer tourists, more businesses closing or not starting up and fewer jobs, which equals fewer tax dollars in our city coffers. A public bank is one way to create a more sustainable, locally based economy. Learn more about this solution to our revenue problems at www.bankingonnewmexico.org
Patricia Victour – Santa Fe
