Here are some updates from our New Mexico affiliate...
Last Saturday morning Tim Eichenberg, the New Mexico State Treasurer, came unannounced to PBI New Mexico's banking team meeting. (He has been on our mailing list for the past several months.) To our delight, he would like to introduce legislation during the 2017 state legislative session to obtain approval for formation of a state infrastructure bank to help in the state's struggle to grow its economy. Our local group will help him in any way we can. His idea is to first focus on one major loan project category (infrastructure) appears very worthwhile to us. Other loan categories could then be added by the legislature in later years.
We have noticed that North Dakota's legislature has actively introduced new areas of lending for its state bank long after its establishment. We find the linked below chapter of North Dakota's state law to be an interesting read. It shows the dynamism and flexibility of the legislature in changing its bank's controlling legislation over time:
- Vern & Vickie Hagen