Public Banking for New Mexico
Public Banking in New Mexico
Santa Fe Public Bank Task Force

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.