Public banking advocates in New Mexico launch the Alliance for Local Economic Prosperity

New Mexico

New Mexico. Photo by Chris Murray.

 

Banking on New Mexico advocates have returned the group’s focus to its original vision of a statewide public bank and have joined forces with Albuquerque’s Public Bank for Central New Mexico to form the Alliance for Local Economic Prosperity.

The mission of the new group is, “to spearhead a statewide educational campaign to help people understand that keeping New Mexico money in New Mexico can grow financial resources that are safe, support local economic and educational systems, invest in job opportunities and human development, and diversify our economy.”

From an article in the Santa Fe New Mexican:

“Acting on Santa Fe’s Public Bank Task Force recommendations, in 2018 we began meeting with legislators to plan the best way forward for a statewide public bank initiative. A memorial will be introduced in the Senate calling for a State Public Banking Feasibility Study this year. The proposed study will focus on the financial feasibility, operational costs, capitalization and benefits of creating a state public bank.”

[Read the full article]

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