Affordable Credit

Dec 23, 2016 | New LTE

Mike Krauss

The New Mexican recently published a generally excellent and informative report by Bruce Krasnow on the steps being taken by the city and residents to establish a public bank for Santa Fe (“What’s the fuss about a public bank in Santa Fe?” Dec. 11). As a founder of the Public Banking Institute and chair of the Pennsylvania Public Bank Project, I can report that there are now more than a dozen such efforts underway in other U.S. cities coast to coast.

The driving force behind these efforts is a desire to strengthen municipal budgets without resorting to service cuts, more taxes, more debt or employee give-backs; by instead creating a tool that adds non tax revenue, lowers debt service and gets affordable credit into the local economy. The people of Santa Fe can be proud of the leadership of the mayor, City Council and informed citizens.

Mike Krauss – Point Pleaseant, PA

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