The New Mexico legislature has taken up calls to create a state-owned bank by introducing a “memorial” to undertake a feasibility study. House Memorial 41, which has four co-sponsors, would be led by the Legislative Finance Committee and is supported by public banking advocates in the Alliance for Local Economic Prosperity (AFLEP). The memorial is now waiting for a place on the agenda of the State Government, Elections and Indian Affairs Committee.
The memorial specifies that the feasibility study include consideration of how the state-owned bank could help stabilize the state economy, keep revenues local, address infrastructure deficiencies, and enable young farmers to obtain financing, among other central needs. Importantly, the memorial also directs the Finance Committee to consult with public banking experts and advocates along with financial analysts, community bankers, and credit union representatives.
The completed report would be due by October 1, 2019 for consideration by legislators prior to the mid-January start of the 2020 session.
The 2019 session ends March 16 and the memorial needs to receive "Do Pass" affirmation from three committees before it goes to the full House.
Alliance members have been engaged with legislative leaders, have recruited sponsors, and continue expanding outreach to allies in communities beyond Albuquerque, Santa Fe and Las Cruces, three major cities in NM and located within the four co-sponsors' districts.
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