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In the News
Murphy vows to follow through with plans on New Jersey public bank
The Washington Examiner, Jan. 5, 2022 | By T.A. DeFeo – New Jersey Gov. Phil Murphy said he intends to follow through with plans to open a state-owned bank. In November 2019, Murphy signed Executive Order No. 91 to create the Public Bank Implementation Board. At the time, state officials said a public bank could generate revenue, spur job and economic growth and help local governments reduce their debt costs. It would also provide additional banking opportunities for “under-served communities.” While the COVID-19 pandemic slowed plans for a public bank, during the virtual press briefing, Murphy predicted a version of it would happen during his second term.
Bank of Washington? States consider opening government banks
The Seattle Times, Dec. 19, 2021 | By Elaine S. Povich – The speed and convenience of accessing pandemic aid through direct deposit has highlighted the disadvantages of lacking a bank account, heightening interest in public banks. California this year enacted a law that could put the state on the path to government-run banks, and 13 other states, including Washington, are considering similar legislation, according to the National Conference of State Legislatures. Unlike commercial banks, the mission of public banks would be to invest in public priorities such as affordable housing, small business loans or infrastructure projects.
Report From Santa Fe – Senator Jeff Steinborn recap of 2022 Session
February 6, 2022 Episode – Report from Santa Fe’s guest is Senator Jeff Steinborn, D–Dona Ana, with a legislative update on issues the senator advocates for, such as uranium mine cleanups in western NM, the prohibition of high-level nuclear waste in NM, public banking, and the renewal of the chile labor incentive program.
SEED NM 2022 Symposium: Bob Mang on how business guilds can regenerate communities
SEED NM 2022 Symposium: Bob Mang on how business guilds can regenerate communities
Bob Mang, Re-Genesis Inc, Co-Founder (Retired) and AFLEP Board member, talks about rural economic development and how business guilds can regenerate communities.Jan 14, 2022
SEED NM 2022 Symposium: Angela Merkert on the role of Public Banks in a sustainable economy
SEED NM 2022 Symposium: Angela Merkert on the role of Public Banks in a sustainable economy
Angela Merkert, AFLEP Executive Director, speaks about the role of public banks in a robust and sustainable New Mexico economy.
Public bank puts community capitalism to work
MY VIEW: Peter Smith and Angela Merkert
Santa Fe New Mexican | January 8, 2022
We all know that New Mexico’s national rankings are poor when it comes to community economic development, regenerative agriculture, early childhood education, alternative energy and infrastructure enhancement, among other things. And we also know that, when the federal pandemic recovery funds fade away after 2022 and fossil fuel revenues decline in the years ahead, continuing investment in these and other priority spending areas will be a huge challenge for the Legislature and the governor.
Transforming the State’s Economy with a Public Bank
By Dorothy Gamble — Green Fire Times | Jan/Feb, 2022 Currently, New Mexico’s money—three to nine billion dollars on any given day—is deposited and managed globally for profit elsewhere. The proposed Public Bank of New Mexico (PBNM) would safely invest our taxes and...
Ellen Brown: The Real Antidote to Inflation
The Federal Reserve is caught between a rock and a hard place. Inflation grew by 6.8% in November, the fastest in 40 years, a trend the Fed has now acknowledged is not “transitory.” The conventional theory is that inflation is due to too much money chasing too few goods, so the Fed is under heavy pressure to “tighten” or shrink the money supply. Its conventional tools for this purpose are to reduce asset purchases and raise interest rates. But corporate debt has risen by $1.3 trillion just since early 2020; so if the Fed raises rates, a massive wave of defaults is likely to result. According to financial advisor Graham Summers in an article titled “The Fed Is About to Start Playing with Matches Next to a $30 Trillion Debt Bomb,” the stock market could collapse by as much as 50%.
Your State Could Decide to Open a Bank
For many Americans with limited or no experience with bank accounts, navigating the fees and policies that would make them account holders can be intimidating. And many small business owners seeking loans just can’t meet the standards set by traditional banks.
While many retail banks have worked to demystify procedures and lower fees, advocates for state- or city-run banks say they can do it better by putting the public good ahead of profits.
Payday loans are a problem. Can a public bank be part of the solution?
When the coronavirus first posed a threat to Americans’ health and finances, Tiffany Moore of Forest Park went to an installment lender for the first time in hopes of some financial relief.
The good news: she got approved for a $9,500 loan to make up for a tenant at her property who couldn’t make rent. The bad news: An interest rate of 35.989%.
It was easy to sign onto a contract that brought temporary relief. But realizing that she would end up paying more than twice what she borrowed, Moore paid the loan off early.
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Episode: Everyone deserves a public bank
“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
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