Public Banking for New Mexico

Santa Fe Public Bank Task Force

>> Read the Task Force’s Final Report with Executive Summary, Conclusions & Recommendations
>> Read the Task Force’s Final Report Appendices on the City’s website
>> Access full Task Force audio recordings of meetings and related reports (August 2017 to April 2018)

 

The Santa Fe Public Bank Task Force, including professionals from banking, state/federal regulation, the city finance department, the business community and the president of BoNM undertook 8 months of in-depth study into the regulatory, legal, capitalization and governance issues of a city-owned public bank.

Based on its research, in a report submitted to the City of Santa Fe Finance Committee on April 30 and the full city council on May 9, the Task Force is recommending that Santa Fe’s governing body move forward, in participation with appropriate legislative and executive officials at the state level, to investigate, and, if deemed appropriate, develop a statewide public bank in which Santa Fe would participate.

 

This recommendation is based on key Task Force Conclusions:

• If limited to the City of Santa Fe’s financial assets, the possible benefits that a Public Bank might generate are at best marginal and at worst would carry risk of non-viability because of the relatively small scale of the City’s financial means, especially when weighed against the considerable costs of creating the bank.

• The current legal and regulatory requirements are not conducive to the creation of a State chartered [city-owned] Public Bank and would require amending existing legal and regulatory requirements through legislation to allow for development of a Public Bank.

• The Task Force briefly looked beyond the scope of its enabling resolution at the potential role a Public Bank could fill that the City’s Finance Department cannot, because the latter is restricted from financing the private sector.

a. While, by itself, a Public Bank cannot finance the magnitude of the City’s infrastructure investments needed, it could have a valuable role as a financial source to leverage private and philanthropic investment toward Santa Fe’s economic development needs.

b. It also could enable the retention and expansion of Santa Fe’s community banks, credit unions and CDFI’s that loan their depositors’ money locally.

The Task Force is also recommending that the governing body establish a standing committee to evaluate, enhance and coordinate a collaborative financial network in Santa Fe, for the purpose of leveraging public, private and philanthropic capital toward effectively addressing our community’s critical needs including affordable housing, city-wide public transportation and 2040 renewable energy targets.

Economic research conducted by the Impact SF Network and input obtained through initial consultations with Inter-faith leaders, local foundations and non-profit educational and public service organizations revealed critical unmet needs demanding new funding sources. The Task Force also identified the emergence of an impact investing community eager to more aggressively support economic development through public-private collaborations.

Upcoming Events

september, 2020

09sep2:00 pm6:00 pmNMSU Chile Pepper Field DayEnjoy this fun and informative biennial event from the comfort of your own home!

11sep10:00 am11:00 amPublic Banking Coalition Monthly Conference CallLearn more about Public Banking, discuss current issues and get updates on the movement.

15sep5:30 pm6:30 pmSoil Stories with NM Secretary of Agriculture Jeff WitteOnline conversations on soil health

15sep6:30 pm8:00 pmWater Policy, Quality and Management in New MexicoDiscussion of the water challenges facing NM

18sepAll Day1916th Annual Gila River Festival Goes VirtualCultivating resilience in our communities and ecological systems

18sep1:00 pm2:00 pmThe Fed vs. the statesLearn more about COVID funding and why banks are favored over states

Revolution at the Federal Reserve:  Nomi Prins and Thomas Hanna

The Laura Flanders Show
Jan 22, 2019

As Jim Yong Kim resigns from the World Bank, we talk about the way central banks steer world development and for whom. Former Goldman Sachs managing director Nomi Prins, author of “Collusion: How Central Bankers Rigged the World,” and public ownership researcher Thomas Hanna believe that banking, and development, could be very different.

Truthout - FAIR Podcast - AFLEP

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.”

>> Listen to the Podcast

It's Our Money with Ellen Brown

Banking on the People by Ellen Brown - AFLEP

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.

Order the Book

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

X