The Public Bank of North Dakota has kept their public funds safe, local and working for more than 100 years.
Photos courtesy BND.com
Credit Union Association of New Mexico
Endorses a Public Bank for New Mexico
Ballooning New Mexico|@Yancy|Flickr
How Can a State Public Bank
Support Our Communities?
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
February 16, 2021 – The New Mexico Public Banking Act will be heard in the HCEDC this Wednesday, February 17th at 1:30pm. Contact committee members today in support of HB236. Call or email each one.
Offer public comment during the hearing on Wednesday, February 17th 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/83846715600
Submit any amendments, supplemental materials or public messages (300 words or less) 24 hours in advance of the hearing to [email protected].
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.
Allied Organizations that support what a State Public Bank can do for our economy
In the News
By Linda Lutton, WBEZ Chicago – On Monday, Chicago aldermen refused to vote on an annual measure certifying 13 banks as “municipal depositaries,” and openly questioned why the city should keep its money with banks that don’t lend equitably. “JPMorgan Chase only did 1.9% of their [home purchase] loans in Black communities. Bank of America, 2.89%,” said Ald. Daniel LaSpata, 1st Ward, at the finance committee hearing, citing reporting from WBEZ and City Bureau. “How do we make that case to Chicagoans that these institutions should be generating any revenue from our city?”
By Glenn Daigon, Who.What.Why – There are signs that the anger against the banks fueled by the 2008 crash, as well as dissatisfaction in how Wall Street invests the public’s money, has opened the door for another option: public banking. Public banks are financial institutions that are owned by one or more public entities, such as a city, county, or joint-powers authority. They can invest, lend, and provide banking services to the local community, and can partner with local financial institutions.
By Phil Scherer, Las Vegas Optic – At Tuesday’s meeting, commissioners voted in support of establishing a state public bank, a measure that is also working its way through the state legislature. Dee and George Gamble, who presented to the commission, say that establishing a public bank would help keep more money in the state, and out of big corporations, which they said would help the state’s economy.
- 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.