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

Public Banking Act Stands to Lift State Out of Poverty

wake up call aflep.org


MK Mendoza, KSFR | February 17, 2021

Wake Up Call’s MK Mendoza speaks with folks from the Alliance for Local Prosperity about The Public Banking Act being put through this legislative session. It proposes to boost the local economy and lift the state out of poverty. LISTEN

HB236 to be heard by House Commerce and Economic Development Committee (HCEDC) this Wednesday

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].

Challenging Misinformation About a NM State Public Bank

 
By Retake Our Democracy | February 11, 2021

Angela Merkert, Executive Director of Alliance for Local Economic Prosperity spoke on Saturday with Paul Gibson on Retake Our Democracy on KSFR Santa Fe Public Radio about what a State Public Bank is, and what it isn’t.

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

Chicago Aldermen Push Banks Doing Business With The City For More Equitable Lending

Chicago Aldermen Push Banks Doing Business With The City For More Equitable Lending

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?”

San Francisco may usher in a new era of public banking

San Francisco may usher in a new era of public banking

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.

San Miguel County Votes in Support of a Public Bank for New Mexico

San Miguel County Votes in Support of a Public Bank for New Mexico

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.

Upcoming Events

march

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

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

12mar10:00 am11:00 amPublic Banking Coalition Monthly Conference CallLearn more about Public Banking, discuss current issues and get updates on the movement.

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

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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