Keeping New Mexico's Revenue
Safe, Local, and Working

How a Public Bank Will Strengthen NM Finance

Nob Hill, Albuquerque. Photo by Adolphe Pierre-Louis, Albuquerque Journal

The Public Bank of North Dakota has kept their public funds safe, local and working for more than 100 years.

Credit Union Association of New Mexico Endorses a Public Bank for New Mexico

Credit Union Association of New Mexico
Endorses a Public Bank for New Mexico

Read CUANM’s full endorsement here

Ballooning New Mexico|@Yancy|Flickr

How Can a State Public Bank
Support Our Communities?

Infrastructure, Renewable Energy, Agriculture, Economic Development & Recovery

Researcher and interns of Sandia Labs at Pueblo of Acoma discuss photovoltaic solar panel. Photo courtesy Sandia Labs via Wikimedia Commons.

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

President/CEO
Sandia Laboratory Federal Credit Union

Reilly White

Associate Professor of Finance
University of New Mexico

Dr. William Bowen

Family Medicine Practitioner

Lindsey Hope Pearlman

Director, Writer, Performer, Puppeteer
Up & Down Theatre

Glenn Schiffbauer

Executive Director
Santa Fe Green Chamber of Commerce

Ellen Brown

Author & Founder
Public Banking Institute
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

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In the News

Postal Banking in the U.S.? It’s Not as Unlikely as It Sounds

Postal Banking in the U.S.? It’s Not as Unlikely as It Sounds

By Editorial Board, Bloomberg – Should U.S. post offices also be banks? Lately, a group of legislators including Bernie Sanders and Alexandria Ocasio-Cortez has been championing the idea as a way to address economic inequality. It might seem far-fetched, given how the postal service has been struggling recently to even deliver the mail. But the idea shouldn’t be dismissed.

How Rural Electric Cooperatives Can Support a Green New Deal

How Rural Electric Cooperatives Can Support a Green New Deal

By Wan R. Smith and Philip Fracica, Nonprofit Quarterly – Today, as President Joe Biden’s $2 trillion infrastructure bill is debated in Congress, it’s worth recalling that this isn’t the first time the US has faced an infrastructure deficit. “By the 1930s nearly 90 percent of US urban dwellers had electricity, but 90 percent of rural homes were without power. Investor-owned utilities often denied service to rural areas, citing high development costs and low profit margins,” recalls one account.

Rural Distress and the Concentration of Financial and Economic Power

Rural Distress and the Concentration of Financial and Economic Power

By Stacy Mitchell, Institute for Local Self-Reliance – Rural America is in crisis, and the gap between struggling rural towns and coastal supercities is growing ever wider. Much of this distress stems from the concentration of corporate and financial power, which is centralizing wealth in the hands of the few while wiping out the independent businesses and well-paying jobs that are the foundation of rural economies.

AFLEP in New Mexico Blog

Taos County needs a public bank

Taos Mountain - aflep.org

By Lochaven (CC BY-SA 2.0)

Justin Friedman, Taos News | March 31, 2021

The legislation to create a New Mexico State Public Bank did not progress in this year’s legislative session. It received two committee hearings and died in the second one. The critical piece for Taos County is the related failure to locally fund startup small businesses in solar installation, home improvement, forest management and a diverse, far reaching number of local initiatives. Failure to enact this legislation further exacerbates the ongoing crisis of a non-diversified State economy reliant on fossil fuel extraction. Thanks to all who supported our efforts to implement this potential cornerstone for New Mexico economic development.

Letter to the Editor: Public bank needed

 Image: mustofa agus tri utomo (Pixabay)

By Dee Gamble, Santa Fe New Mexican | March 2, 2021

Thanks to Milan Simonich for highlighting the bills (House Bill 236 and Senate Bill 313) to create a New Mexico Public Bank and promoting public discussion (“Public bank bill belongs on scrapheap,” Ringside Seat, Feb. 21). However, the New Mexico Public Bank would not replace the New Mexico Finance Authority, it would complement, not duplicate or compete with it. More importantly, the public bank, as a chartered bank, would grow money (yes, “grows as it goes”), which the New Mexico Finance Authority cannot do. The bills do not create a bank that lends directly to individuals, as the Bank of North Dakota does for college loans. Rather, it would partner with community banks and credit unions to finance loans to small businesses and entities including municipalities and tribes for underfunded community development investments.

If financial investments are just fine as they are, why is New Mexico at the bottom of all the measures for well-being? New Mexico communities have many unmet needs, and it’s high time we do something bold that is successfully functioning elsewhere and is currently being considered by dozens of other states.

HB236 to be heard by House Appropriations and Finance Committee (HAFC) this Wednesday

March 2, 2021 – The New Mexico Public Banking Act hearing originally scheduled for the HAFC on Tuesday, March 2nd will now be heard on Wednesday, March 3rd at 1:30pm.

Let your voice be heard! Offer public comment during the hearing on Wednesday, March 3rd at 1:30pm. Participants are allotted 60 seconds of public comment time if called upon. Join in the hearing to let them know of your support.

Use this Zoom link to access the hearing: https://us02web.zoom.us/j/81432164016

Please submit any amendments, supplemental materials or public messages 24 hours in advance of the hearing to [email protected] and [email protected]gov.

Upcoming Events

may

18may10:00 am11:30 amSeed to Supper OnlineLive virtual series on gardening in New Mexico

19may10:00 am11:00 amVirtual Backyard Compost TrainingsLearn how to keep your food scraps and yard debris out of the trash

19may4:00 pm5:30 pmSeed to Supper OnlineLive virtual series on gardening in New Mexico

25may10:00 am11:30 amSeed to Supper OnlineLive virtual series on gardening in New Mexico

26may4:00 pm5:30 pmSeed to Supper OnlineLive virtual series on gardening in New Mexico

june

11jun10:00 am11:00 amPublic Banking Coalition Monthly Conference CallLearn more about Public Banking, discuss current issues and get updates on the movement.

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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

Public Bank of North Dakota 100 years slides
  • 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 posted its 16th year of record profits at $169 million in net earnings in 2019 and is highly profitable, with a Return on Investment (ROI) of 18.6% for 2019.

Detailed Comparison of New Mexico and North Dakota
BND’s Financing Economic Development 2019 Report
BND 2019 Annual Report: From Surviving to Thriving

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