New Mexico legislators hear proposal for state-owned community bank
On October 5, Peter Smith, AFLEP board president, John Munoz, AFLEP board member and Las Cruces Mayor Pro Tem and Angela Merkert, AFLEP Executive DIrector presented to the New Mexico Finance Authority Oversight Committee. The presentation, IT’S OUR MONEY!–PUBLIC BANKING FOR NM: A COMMUNITY INVESTMENT BANK TO BUILD COMMUNITY WEALTH made a case for a means of expanding the financial capacity of the state to support community prosperity. We especially emphasized the findings of LFC analysts in July and August reports that also identified significant underfunding of capital in rural areas, the Pueblos and Tribes.
Click here to watch the replay. The introduction and presentation begins at approximately 9:20 in the video.
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
Public Banking Institute
Across 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. We hope you can join us at the 2026 Public Banking for Public Prosperity: A Declaration of Financial Independence, October 22 – 24, 2026 ~ Friends Center, Philadelphia, PA.
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