Answering today’s questions for tomorrow’s New Mexico
What will be New Mexico’s most powerful tools for creating a healthier, more diversified economy, given the environmental, water sufficiency, and climatic challenges we face in the next decade and beyond? How will New Mexico manage our financial resources to be sure we provide culturally-inclusive social and economic development? How will we foster lifelong educational opportunities, healthy lifestyles, economic justice, and equitable access to public services and facilities for everyone? The Case for a Public Bank
Working together we can 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.
Alliance for Local Economic Prosperity Announces Advisory Board
July 16, 2020 – Alliance for Local Economic Prosperity announces its Advisory Board and is grateful for the 17 talented and generous individuals whose cumulative knowledge and experience will continue to advance the goal of a public bank for New Mexico. Click here for more information about this inspiring group of New Mexicans who are working with AFLEP toward a prosperous, more equitable future for New Mexico with a state public bank.
Alliance for Local Economic Prosperity is the successor to Santa Fe based Banking on New Mexico (BoNM) and Public Bank for Central New Mexico (PBCNM) in Albuquerque. Both groups were formed to research and discuss public banking in their communities and to advocate for public banking. In 2014, BoNM cohosted an international public banking symposium with the City of Santa Fe and in 2015, Public Bank for Central New Mexico hosted a similar event with Albuquerque and State officials.
Following the Santa Fe Public Bank Task Force Spring 2018 report, which advised that City budgets were not large enough to create a municipal public bank and that a public bank would require a change in the state constitution, the leadership of both groups began discussions leading to the creation of the The Alliance for Local Economic Prosperity.
New Mexicans deserve the prosperity a
public bank has provided North Dakotans
- North Dakota has the lowest unemployment rate in the nation.
- 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.
- BND originated or renewed 17,299 loans to state businesses, projects and students, totaling $1.33 billion in 2018.
- 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 over $7 billion in 2017.
- BND posted its 15th year of record profits at $159 million in 2018 and is highly profitable, with a Return on Investment (ROI) of 18% for 2018.
Endorse a Public Bank for NM so your friends and public officials know you support public banking and why.
Four Ways to Strengthen Your State and City Finances
Public Banking Institute, July 2, 2020
This short video is one of a series about the benefits of public banking presented by the Public Banking Institute, our national affiliate. AFLEP is leading statewide momentum throughout 2020 culminating with New Mexico legislation in 2021.
The Benefits of Forming a NM Public Bank
Retake Our Democracy, June 23, 2020
AFLEP is joined by Ellen Brown, Chair of the Public Banking Institute, and Paul Stull, President and CEO of the Credit Union Association of New Mexico for this panel discussion about the potential benefits of a New Mexico state public bank. Panel facilitated by Retake Our Democracy.
Public Banking News
By Leah Cantor, Santa Fe Reporter – The US Department of Agriculture earlier this month reported 29.3% of the state is experiencing extreme drought conditions. Low snowpack, drought, extreme heat, fire and COVID-19 compounded the challenges facing farmers this season and spurred growers to think about how these traditional agricultural communities can adapt to future change.
By Oscar Perry Abello, Next City – What happens when two otherwise financially healthy community banks from across the country merge, willingly, to form a national bank? The residents of Black communities and other historically disinvested communities in Los Angeles and Washington, D.C. will have their chance to find out, with the announcement of a merger between Broadway Federal Savings Bank in Los Angeles and City First Bank of D.C.
Lisa Held, Civil Eats – Since the pandemic disrupted agriculture supply chains and changed how most Americans eat, a number of small farms around the country have been working collaboratively. As of yet, there is no formal count of the number of farms banding together to sell their goods, but it’s taking place all over the country—from New Mexico to Massachusetts to North Carolina.