Credit Union Association of New Mexico Endorses a Public Bank for New Mexico
Ballooning New Mexico|@Yancy|Flickr
Working together let’s establish a Public Bank for New Mexico, to finance the bold changes it will take for our communities to overcome today’s obstacles and seize tomorrow’s opportunities.
The Alliance for Local Economic Prosperity (AFLEP) is a nonprofit, grassroots think tank advocating for a state public bank. New Mexico’s revenue (taxes and fees) is now largely invested in global banks outside the state, missing opportunities to invest in the economic needs of New Mexico communities. Learn more:
Endorse a Public Bank for New Mexico
Endorse a public bank so public officials and friends know you support public banking and why.
Robert Chavez
Reilly White
Dr. William Bowen
Lindsey Hope Pearlman
Glenn Schiffbauer
Ellen Brown
Allied Organizations that support what a State Public Bank can do for our economy
In the News
Ellen Brown: The Real Antidote to Inflation
The Federal Reserve is caught between a rock and a hard place. Inflation grew by 6.8% in November, the fastest in 40 years, a trend the Fed has now acknowledged is not “transitory.” The conventional theory is that inflation is due to too much money chasing too few goods, so the Fed is under heavy pressure to “tighten” or shrink the money supply. Its conventional tools for this purpose are to reduce asset purchases and raise interest rates. But corporate debt has risen by $1.3 trillion just since early 2020; so if the Fed raises rates, a massive wave of defaults is likely to result. According to financial advisor Graham Summers in an article titled “The Fed Is About to Start Playing with Matches Next to a $30 Trillion Debt Bomb,” the stock market could collapse by as much as 50%.
Your State Could Decide to Open a Bank
For many Americans with limited or no experience with bank accounts, navigating the fees and policies that would make them account holders can be intimidating. And many small business owners seeking loans just can’t meet the standards set by traditional banks.
While many retail banks have worked to demystify procedures and lower fees, advocates for state- or city-run banks say they can do it better by putting the public good ahead of profits.
Payday loans are a problem. Can a public bank be part of the solution?
When the coronavirus first posed a threat to Americans’ health and finances, Tiffany Moore of Forest Park went to an installment lender for the first time in hopes of some financial relief.
The good news: she got approved for a $9,500 loan to make up for a tenant at her property who couldn’t make rent. The bad news: An interest rate of 35.989%.
It was easy to sign onto a contract that brought temporary relief. But realizing that she would end up paying more than twice what she borrowed, Moore paid the loan off early.
AFLEP in New Mexico Blog
Public bank puts community capitalism to work
MY VIEW: Peter Smith and Angela Merkert
Santa Fe New Mexican | January 8, 2022
We all know that New Mexico’s national rankings are poor when it comes to community economic development, regenerative agriculture, early childhood education, alternative energy and infrastructure enhancement, among other things. And we also know that, when the federal pandemic recovery funds fade away after 2022 and fossil fuel revenues decline in the years ahead, continuing investment in these and other priority spending areas will be a huge challenge for the Legislature and the governor.
Letter to the Editor: A public bank would improve life in New Mexico
By Clifton Chadwick, Santa Fe New Mexican – The piece by Sen. George Muñoz (“Stimulus — spent right — will promote opportunity,” My View, Aug. 23) about “not squandering” New Mexico’s share of federal stimulus money is right on, well, the money. And who knows the needs and concerns of New Mexicans better than New Mexicans?
Challenging Misinformation About a NM State Public Bank
Challenging Misinformation About a NM State Public Bank
By Retake Our Democracy | February 11, 2021
Angela Merkert, Executive Director of Alliance for Local Economic Prosperity spoke on Saturday with Paul Gibson on Retake Our Democracy on KSFR Santa Fe Public Radio about what a State Public Bank is, and what it isn’t.
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 Sept 2020 rates: North Dakota, 3.8%; U.S., 7.9%; New Mexico, 9.4%.
- 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.
- BND originated or renewed 15,696 loans to state businesses, projects and students, totaling $1.33 billion in 2019. The total loan portfolio is $4.5 billion.
- BND works actively to create successful new businesses to reduce the state’s dependence on oil and gas.
- Founded in 1919 with $2 million in capital, BND reported assets of $7.0 billion at the end of 2019.
- 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).
Detailed Comparison of New Mexico and North Dakota
BND’s 2020 Economic Development Report: Creating Financial Solutions for Current and Emerging Economic Needs
BND 2020 Annual Report: Responding with Confidence