Public Banking for New Mexico

Public Banking in New Mexico

2019 NM House Memorial 41 – State Public Banking Feasibility Study

Santa Fe Public Bank Task Force

Press Releases

AFLEP Case Statement


Santa Fe Public Bank Task Force members: Kelly C. Huddleston, Robert A. Mang, Adam Johnson, Darla Brewer, David P. Buchholtz, J. Wayne Miller, Elaine Sullivan, Judith A. Cormier, Ralph M. Hibben


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.


What is a Public Bank?

The Bank of North Dakota

The National Movement



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It's Our Money with Ellen Brown

Episode: Everyone deserves a public bank

Join those who’ve endorsed a Public Bank for New Mexico

Paul Gibson endorses Public Banking NM

“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