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.

AFLEP in New Mexico Blog

Albuquerque City Council Supports a Public Bank for New Mexico

 
January 20, 2021 – Alliance for Local Economic Prosperity recently gained the public support of the Albuquerque City Council. The City of Albuquerque will join the cities of Santa Fe and Las Cruces in supporting a public bank for New Mexico.

The Importance of Place


By KUNM | January 18, 2021

Listen to Arturo Sandoval, founder of the Center of Southwest Culture, on KUNM’s “Espejos de Aztlán” discuss the importance of Place in New Mexico within the context of a rapidly changing world. A New Mexico public bank could help to support our communities and facilitate their growth with respect, within tradition.

Part: 1

Part: 2

New push for state public bank in 2021 legislative session

By KRQE | January 16, 2021

Watch as Dan Mayfield of the New Mexico Credit Union Association explains to KRQE’s Brady Wakayama and Stephanie Chavez that a New Mexico public bank is “a great low cost, very easy way to make sure small businesses and economic development projects, municipal projects of all kinds, can get capitol pretty quickly.”

READ MORE

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

San Diego resumes efforts to create city-run public bank

San Diego resumes efforts to create city-run public bank

By David Garrick, San Diego Union-Tribune – San Diego city leaders want to explore creating California’s first government-run public bank, which could loan out tens of millions of dollars in city reserves for projects related to affordable housing, climate change, social equity or other goals. If approved, San Diego would launch its public bank with hundreds of millions of dollars from city reserves that it now keeps at Bank of America and US Bank.

New Mexico Debates Creation of State Public Bank; Idea Supported by CUs

New Mexico Debates Creation of State Public Bank; Idea Supported by CUs

By CUtoday – The NM legislature is debating the creation of a new state public bank, a move that has the support of New Mexico’s credit unions. The goal of the bank is to help the state’s small businesses and spur economic growth. Backers of the project told the news outlet opening a public bank would keep New Mexico’s money in New Mexico, rather than being invested in global banks outside of the state – which they say will lead to better economic development for the state.

NM public bank proposal gains momentum

NM public bank proposal gains momentum

By Stephen Hamway, Albuquerque Journal – Given New Mexico’s struggles attracting and retaining investment dollars, legislators are considering an unorthodox solution: establishing a statewide public bank. A local nonprofit, Alliance for Local Economic Prosperity, has developed a business plan that outlines the structure and approach for a state public bank, an entity the state could use to deposit assets and support state investment programs.

Upcoming Events

january

26janAll DayVirtual RoundhouseFor easy, safe, and free access to the state’s governmental leaders during the COVID-19 pandemic

26jan6:00 pm7:30 pmFire Ghosts, Climate Change and Our Cultural LandscapeExploring the relationship between history and the natural environment

february

02febAll DayVirtual RoundhouseFor easy, safe, and free access to the state’s governmental leaders during the COVID-19 pandemic

09febAll DayVirtual RoundhouseFor easy, safe, and free access to the state’s governmental leaders during the COVID-19 pandemic

10feb12:00 pm1:30 pmThe COVID-19 pandemic and state and local budgets: Past, present, and futureA Brookings Institution event

12feb10:00 am11:00 amPublic Banking Coalition Monthly Conference CallLearn more about Public Banking, discuss current issues and get updates on the movement.

14feb5:30 pm7:30 pmRegenerative Agriculture Day 2021Aiming to develop a collective understanding for regenerative agriculture in NM

16febAll DayVirtual RoundhouseFor easy, safe, and free access to the state’s governmental leaders during the COVID-19 pandemic

23febAll DayVirtual RoundhouseFor easy, safe, and free access to the state’s governmental leaders during the COVID-19 pandemic

23febAll Day26Land and Water SummitFrameworks for sustainability and social inclusion

See All Events

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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