Timeline Fact Sheet

February – March, 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 how a state-owned public bank could benefit the people of New Mexico in variety of ways including: reduced bonding expenses; lower cost funding for infrastructure projects, economic development and improved educational facilities; and increased access to capital for small business and farmers. The Legislature adjourned before the bill could be acted upon.

January, 2019

Senate Memorial 5, sponsored by Senator Jeff Steinborn was introduced calling for a Feasibility Study regarding the establishment of a New Mexico Public Bank. It was endorsed by Senator Gerald Ortiz y Piño, but the legislature adjourned before the bill could be acted upon. 

December, 2018

After months of strategic discussions and planning, Banking on New Mexico and Public Bank for Central New Mexico joined forces forming a statewide non-profit: Alliance for Local Economic Prosperity

October, 2018

Santa Fe City Council passed Resolution to support NM Legislature’s consideration of a State-owned public bank.

May 9, 2018

The Public Bank Task Force submitted its Final Report to the Santa Fe City Council advising that the City of Santa Fe’s financial infrastructure is not large enough to create a city-owned public bank, but that the benefits of public banking are sufficient to encourage the City to support consideration of a statewide public bank. The Task Force also recommended:

1. That the City of Santa Fe Finance Department continue to develop its financial, strategic and operating improvements in furtherance of the recommendations of the 2016 Feasibility Study.
2. That, instead of a stand-alone Santa Fe Public Bank, the 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.
3. 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. The committee would be composed of leaders from the philanthropic and private financial sectors and representatives from the City Council’s Finance Committee, with participation from the City’s Economic Development and Finance Departments in an ex officio capacity. In addition, the committee would provide a Public Communication Forum to the committee regarding public needs.

November 20, 2017

The Public Bank Task Force held a public forum asking attendees to consider 4 questions:

• What community needs could a public bank uniquely address?
• What might change or transform in Santa Fe as a result of establishing a public bank here?
• How could a public bank enhance or enable existing entities (community banks, credit unions, city staff, etc.), to be more effective in the pursuit of a thriving local economy that benefits all of our residents?
• What would be the compelling value added of this financial institution?

August 15, 2017

The Public Bank Task Force held first of nine semi-monthly public meetings concluding on February 7, 2018.

June 28, 2017

Santa Fe City Council approved the Mayor’s nominations for seats on the Public Bank Task Force as Santa Fe Finance Department Director Adam Johnson; three finance and banking professionals, J. Wayne Miller, Randolph M. Hibben, and Darla Brewer; two attorneys experienced in finance and banking, Kelly C. Huddleston and David P. Buchholtz; one professional in state and federal banking regulation, Judy A. Cormier and two citizens at large, Robert A. Mang and Elaine Sullivan.

April 27, 2017

Santa Fe City Council passed a resolution to establish a Public Bank Task Force to explore the costs, risks, and implications of creating a chartered public bank, managed by professional bankers, and independent of city politics.

October 26, 2016

Santa Fe City Councilor Renee Villarreal introduced a resolution to establish a Task Force to determine the “next and final steps to determine whether to establish a Public Bank for the City of Santa Fe.” City Councilors Joe Maestas and Carmichael Dominguez (who is also chair of the Governing Body’s Finance Committee) joined the resolution as cosponsors at the time of its introduction.

January 22, 2016

Banking on New Mexico (BoNM) officially released its Five-Year Model Supporting a Public Bank for Santa Fe, which the grassroots organization had in development for the past several months. With the help of the City Finance Department, BoNM’s Brass Tacks Team identified loans and bonds available for refinancing during a five-year proposed start-up period.

January 13, 2016

The City of Santa Fe released its Public Bank Feasibility Study, which found that the City’s Administration should continue to pursue its initiative to create a public bank.

November, 23, 2015

Banking on New Mexico presents the Mayor and City Attorney a definitive legal opinion from David Buchholz of the Rodey Law Firm, among New Mexico’s oldest and most respected firms, that New Mexico Constitutional and Civil Law and financial regulations permit the chartering of a public bank.

November 7, 2015

Public Bank for Central New Mexico, Albuquerque, conducts a half-day symposium launching the conversation of a public bank for Albuquerque.

July 8, 2015

Katie Updike of Building Solutions LLC briefed Santa Fe City Council on the structure of her feasibility study on a public bank in Santa Fe and indicated The Arrowhead Center would receive her work for further economic analysis in early Fall of 2015.

January, 28, 2015

The Santa Fe City Council granted Building Solutions LLC (principal, Katie Updike) working with the Arrowhead Center at NMSU a contract to investigate the business, financial and economic feasibility of a public bank in Santa Fe.

October 2014

Banking On New Mexico established as an independent arm of WeArePeopleHere!, operating under its 501(c)3 umbrella.

September 27, 2014

Banking On New Mexico Symposium: Funding Local, Sustainable Economies, conducted in cooperation with the Public Banking Institute and hosted by Mayor Gonzales, the City of Santa Fe and Craig Barnes.

August 7, 2014

City of Santa Fe formally invites proposals for feasibility study of a public bank.

June 10, 2014

Following Mayor Gonzales’ inauguration, WeArePeopleHere! and the national organization, Public Banking Institute, brief the Mayor and City Council on public banking, how a public bank could be established and what it could mean for the City. Mayor Gonzales instructs City Staff to issue request for qualifications to conduct a feasibility study.

2012-2013

WeArePeopleHere! begins to explore concept of a Public Bank for Santa Fe.

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