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.
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 Michelle Chen, The Nation – Even as the pandemic devastated New York City, megabanks like JPMorgan Chase and Bank of America continued to do a roaring trade. And now those financial behemoths are set to manage the funds that New York City and other municipalities will be deploying for the recovery. But financial justice advocates want to see the City move its money from the Wall Street titans to a public bank, owned and operated by the people.
By Hannah Grover, NM Political Report – Most of New Mexico’s small, mutual domestic water systems are struggling. They face challenges like aging infrastructure and some have maxed out their ability to take out new loans and they have systems in need of repair. The impacts of climate change on water supplies aren’t hard to notice as reservoir levels decline and rivers run low, and funding is a big issue for these small communities.
By Riley Gardner, Santa Fe Reporter – Small farms have been declining for decades with the monopolistic growth of Big Ag. Additional challenges like climate change’s impact on small farmers and the demand for fast-produced food leave many family farms unable to compete—and makes us far more dependent on fragile systems. Our bank accounts aren’t the only things at stake when prices rise and the public panics. It’s often the most needy who suffer.
AFLEP in New Mexico Blog
By Justin Friedman, Taos News – 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.
By Dee Gamble, Santa Fe New Mexican – 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.
By Alliance for Local Economic Prosperity – 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.
- 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