The Alliance for Local Economic Prosperity (AFLEP) is a state-wide nonprofit advocating for increased investment in local economic prosperity for New Mexicans. Equitable access to capital is a priority, especially for rural community development, small business entrepreneurs and adaptive regenerative agriculture practices. A Public Bank of NM holding deposits of the state’s revenue (taxes and fees) would be a tool to increase investments in New Mexican communities rather than those funds being held by global banks making investments outside the state. Learn more:
Opening the Door to Thriving New Mexico Communities
Our focused work throughout 2023 has built the case and secured the allies we need to move a Public Bank of New Mexico (PBNM) from visionary dream to legislative reality. As we begin our North Central Regional outreach project, and prepare our legislation for passage in the 2025 session, we turn to YOU, our tried and true supporters, to ensure we are well-resourced for a strong sprint in the home stretch.
Generous AFLEP donors are matching contributions 1:1 up to $20,000! Donate today and DOUBLE your impact toward policy change that directly invests in New Mexicans!
Watch our video about one incredible farm cooperative in Central New Mexico, which provides food, trains farmers, and incubates businesses, talk to us about the financing challenges faced by farmers and small businesses. A Public Bank in New Mexico could be a vital resource to invest in local food production, job creation, and a stronger local economy.
Endorse a Public Bank for New Mexico
Endorse a public bank so public officials and friends know you support public banking and why.
Jesse Guillen
Senator Peter Wirth
Paul Gibson
Carmen Lopez
Glenn Schiffbauer
Ellen Brown
Endorsements from community members and leaders across New Mexico are extremely helpful to us, as we speak with Legislators – to show the growing support for public banking. View Full Endorsers Gallery >>>
Allied Organizations that support what a State Public Bank can do for our economy
National News
Banking For The People: New E-book by Next City & CommonFuture
by Next City & CommonFuture — Our mainstream banking system is failing most of us. This ebook includes stories about the people and organizations working to make the system work better for everyone — no matter their race, zip code or socioeconomic status. It’s not...
To Democratize Finance, We Must Take the Banks Away From the Bankers
By C.J. Polychroniou for Truthout | February 17, 2024 (Photo: LEONARDO MUNOZ / VIEWPRESS / GETTY IMAGES) Progressive economist Gerald Epstein explains how we can build a banking system that puts people over profit. Our current banking and financial system has...
Tlaib, AOC Revive Public Banking Act to Take on Wall Street
By Brett Wilkins for Common Dreams | December 13, 2023 Rep. Alexandria Ocasio-Cortez (D-N.Y.) speaks while Rep. Rashida Tlaib (D-Mich.) looks on (Photo: Zach Gibson/Getty Images) "Wall Street-run banks are failing to serve many of my residents who are struggling to...
New Mexico News
CFO Patronis Proposes ‘Sunshine Freedom Bank,’ A First-of-its-Kind State Bank of Florida
TALLAHASSEE, Fla. — Today, Chief Financial Officer (CFO) Jimmy Patronis proposed the “Sunshine Freedom Bank,” a public bank of Florida that would establish state control over state funds. The Florida Treasury, which CFO Patronis oversees, processes over $150 billion...
How is Public Banking like Acequia Culture?
At the Alliance, we are always expanding our understanding of both the challenges and wisdom inherent in the land and rich cultures of New Mexico. One powerful example of a democratic practice that benefits all New Mexicans is our acequia system. The acequia...
A New Mexico public bank is no gamble
MY VIEW - ANGELA MERKERT — Santa Fe New Mexican | January 5, 2024 A recent Ringside Seat column by Milan Simonich (“Another $3.4 billion makes legislators dangerous,” Jan. 2) raised questions regarding legislator support for creating a state public bank...
Retake Our Democracy Zoominar Panel on Public Bank Legislation
Retake Our Democracy Zoominar Panel on Public Bank Legislation
We had a great discussion panel with Retake our Democracy ahead of the 2023 Legislative session. October 26, 2022
Albuquerque local business consultant on how a State Public Bank can benefit our economy
Albuquerque local business consultant on how a State Public Bank can benefit our economy
AFLEP Leadership Team Member and Albuquerque”buy local” business advocate, Clifton Chadwick shares key economic reasons why he supports the creation of a State-Owned Public Bank. March 10, 2022
SEED NM 2022 Symposium: Bob Mang on how business guilds can regenerate communities
SEED NM 2022 Symposium: Bob Mang on how business guilds can regenerate communities
Bob Mang, Re-Genesis Inc, Co-Founder (Retired) and AFLEP Board member, talks about rural economic development and how business guilds can regenerate communities.Jan 14, 2022
Public Banking Institute
Accross the nation, more than 25 initiatives and 50 grassroots organizations are advocating for the chartering of public banks. Learn more about the National Movement and the work of our national affiliate, the Public Banking Institute.
New Mexicans deserve the prosperity a public bank has provided North Dakotans
- North Dakota had the lowest unemployment rate in the nation during the 2007-08 recession. Current May 2023 rates: North Dakota, 2.1%; U.S., 3.7%; New Mexico, 3.5%.
- Bank of North Dakota (BND) has added to the state’s annual operating budget $300+ million over the past 10 years.
- North Dakota community banks are thriving because of their partnerships with BND: 10 community banks per 100,000 population, the highest in the U.S.
- Founded in 1919 with $2 million in capital, BND reported assets of $7.0 billion at the end of 2019, their 100th anniversary. In 2022, their assets were $10.2 billion.
- BND originated or renewed 15,696 loans to state businesses, projects and students, totaling $1.33 billion in their 100th year of 2019. Their total loan portfolio in 2022 was $5.4 billion.
- BND works actively to create successful new businesses to reduce the state’s dependence on oil and gas.
- BND responded to the COVID-19 crisis with confidence in 2020, filling the gaps that federal programs didn’t support and seeing a 15% Return on Investment (ROI). Their ROI in 2022 was 19%.
Detailed Comparison of New Mexico and North Dakota
BND’s 2020 Economic Development Report: Creating Financial Solutions for Current and Emerging Economic Needs
BND 2022 Annual Report: Game Changer