Public Banking for New Mexico
History of Public Banking in New Mexico
Key milestones of our public banking work in New Mexico include:
- September, 2014 – City of Santa Fe, Public Banking Institute and WeArePeopleHere! host international symposium on public banking, resulting in the establishment of Banking on New Mexico and continued exploration of a public bank by the city.
- January, 2015 – City Council contracts Building Solutions LLC (Principal, Katie Updike) to conduct Public Bank Feasibility Study
- November 23, 2015 – BoNM presented the mayor and city attorney a definitive legal opinion from David Buchholtz of the Rodey Law Firm that New Mexico Constitutional and Civil Law and financial regulations permit the chartering of a public bank.
- January, 2016 – City of Santa Fe Feasibility Study reports a public bank is economically and operationally feasible
- January, 2016 – BoNM releases its Five-Year Model, confirming a public bank can provide new income and interest savings for city
- April, 2017 – City Council votes unanimously to establish the Public Bank Task Force proposed by Councilor Villarreal
- August, 2017 – Public Bank Task Force work begins
- April, 2018 – Task Force concludes research and presents final report to Santa Fe City Council Finance Committee
- May, 2018 – Public Bank Task Force presents conclusions & recommendations to Santa Fe City Council
- October, 2018 – Santa Fe City Council passes Resolution to support efforts to study a state-owned Public Bank
- December, 2018 – BoNM and PBCNM join forces, forming statewide non-profit:
Alliance for Local Economic Prosperity
- January, 2019 – NM Senator Jeff Steinborn, (D) sponsors Senate Memorial 5, calling for a State Public Bank Feasibility Study
- February, 2019 – House Memorial 41, co-sponsored by State Representatives Matthew McQueen, Linda Trujillo, Joanne Ferrary, and Dayan Hochman-Vigil, was introduced calling for research into state public bank benefits including: reduced bonding expenses, lower cost funding for infrastructure, economic development and educational facility projects. The Legislature adjourned before the memorial could be acted upon.