Press Room & Media
AFLEP in New Mexico
Taos County needs a public bank
Photo by Lochaven (CC BY-SA 2.0)
Justin Friedman, Taos News | March 31, 2021
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. Failure to enact this legislation further exacerbates the ongoing crisis of a non-diversified State economy reliant on fossil fuel extraction. Thanks to all who supported our efforts to implement this potential cornerstone for New Mexico economic development.
Letter to the Editor: Public bank needed
Image by mustofa agus tri utomo (Pixabay)
By Dee Gamble, Santa Fe New Mexican | March 2, 2021
Thanks to Milan Simonich for highlighting the bills (House Bill 236 and Senate Bill 313) to create a New Mexico Public Bank and promoting public discussion (“Public bank bill belongs on scrapheap,” Ringside Seat, Feb. 21). However, the New Mexico Public Bank would not replace the New Mexico Finance Authority, it would complement, not duplicate or compete with it. More importantly, the public bank, as a chartered bank, would grow money (yes, “grows as it goes”), which the New Mexico Finance Authority cannot do. The bills do not create a bank that lends directly to individuals, as the Bank of North Dakota does for college loans. Rather, it would partner with community banks and credit unions to finance loans to small businesses and entities including municipalities and tribes for underfunded community development investments.
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.
HB236 to be heard by House Appropriations and Finance Committee (HAFC) this Wednesday
Alliance for Local Economic Prosperity | March 2, 2021 – 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. 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/81432164016
Please submit any amendments, supplemental materials or public messages 24 hours in advance of the hearing to [email protected]
Public Banking Act Stands to Lift State Out of Poverty
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.
San Miguel County Commissioners Support a Public Bank for New Mexico
February 11, 2021
At a meeting of the San Miguel County Board of Commissioners on Tuesday, February 9, 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. READ MORE
When Piggy Banks Fly
By No More Normal, KUNM | February 7, 2021
Listen as Angela Merkert, Executive Director of Alliance for Local Economic Prosperity, speaks with Khalil Ekulona, the host of No More Normal, KUNM 89.9 Albuquerque on the benefits of a Public Bank for New Mexico communities in the episode “When Piggy Banks Fly”.
SB 313/ HB 236 Public Banking Act has been filed!
February 2, 2021 – Alliance for Local Economic Prosperity is pleased to announce that the Public Banking Act, SB 313/ HB 236, has been filed and assigned to the following committees: Senate Tax, Business & Transportation Committee (STBTC), Senate Finance Committee (SFC) and House Commerce and Economic Development Committee (HCEDC).
As SB 313/ HB 236 await scheduling and hearing in these committees, we encourage our allies to familiarize themselves with the bill, and with the legislators on each of the committees.
Albuquerque City Council Supports a Public Bank for New Mexico
Upcoming Events
California’s New Public Banking Option Opens Door for Real Community Investment
FAIR / Truthout.org
Economy & Labor
Oct 22, 2019
Janine Jackson interviews Public Bank LA’s Trinity Tran about public banking for the October 11, 2019, episode of “CounterSpin.”
Ellen Brown’s
2019 Book
Today most of our money is created, not by governments, but by banks when they make loans. This book takes the reader step by step through the sausage factory of modern money creation, explores improvements made possible by advances in digital technology, and proposes upgrades that could transform our outmoded nineteenth century system into one that is democratic, sustainable, and serves the needs of the twenty-first century.
“I had the good fortune to work on this initiative before Bernie kidnapped all my time. This is one of those no-brainer initiatives that only the 1% could oppose. It has the potential to save the state millions of dollars by vastly reducing the cost of its bonds to improve infrastructure funding. in a public bank, our state funds can be used to build our local economy and our local infrastructure.”
– Paul Gibson
Retake Our Democracy