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.
Detailed Comparison of New Mexico and North Dakota
BND’s Financing Economic Development 2017 Report
BND 2018 Annual Report
Endorse a Public Bank for NM so your friends and public officials know you support public banking and why.
Endorsements from community members and business leaders across New Mexico are extremely helpful for us. When we speak with Legislators, endorsements are indicators of the growing support public banking.
Endorse a Public Bank for New Mexico
View Gallery of Endorsers
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.
publicbankinginstitute.org
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.
https://retakeourdemocracy.org/
Public Banking News
What could your community do if your city or state owned its own bank?
In 2020, the nonprofit organization Action Center on Race & the Economy published a study showing that state and local governments pay $160 billion in annual interest on the money they borrow. Banks owned by cities, counties, regional authorities, or states—better...
House Commerce and Economic Development Committee at 1:30 on Wednesday, February 5, 2025.
Friday, January 17 at 8:00 a.m. our Executive Director, Angela Merkert was featured on an hour-long radio interview with the public radio station in Silver City on The Forum with lead interviewer, Raul Turrieta, a board member and community leader in Silver...
The National Movement
Across 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 the Public Banking Institute.
