Letters to the Editor, Albuquerque Journal | January 6, 2020

In “Turning the Economic Corner Will Take Teamwork” Joe Farr asks, “Why do we have the second highest poverty rate in the U.S., much higher than our neighboring states?” His conclusion is not surprising. We need more jobs in New Mexico.

And, Farr notes, “We should do everything we can to encourage investment and businesses …” Yes, it will take teamwork to improve our state’s economy.

A state-owned public bank can be a significant part of that “teamwork.” Currently our state taxes and fees are deposited in international banks and often are spent around the world instead of in New Mexico. If we establish a state public bank, our state taxes and fees will be kept at home and will be invested in our state’s economy.

Also, the public bank will partner with local credit unions and community banks increasing the availability of capital for low-cost small business and agricultural loans throughout the state. More jobs will be created.

North Dakota has had a state public bank for over 100 years. With its significant agricultural sector and its low-density, widely dispersed population, North Dakota is similar to New Mexico in many ways. However, while New Mexico’s poverty rate is among the highest in the U.S, North Dakota’s is among the lowest.

The Alliance for Local Economic Prosperity (AFLEP) is working hard to make a state bank a reality. A Public Bank Act is expected in the upcoming 2021 legislative session. This act would create a public bank whose only depositor would be the state of New Mexico. Support from organizations around the state is growing. Among recent examples, the Santa Fe City Council has passed a resolution urging our state Legislature to establish a state public bank.

For more information go to www. aflep.org. If you think a public bank should be a part of the job-creating “teamwork”we need in our state, contact your legislators and urge them to vote for the Public Bank Act.

VICKI HAGEN

Albuquerque