Santa Fe has been winding its way toward establishment of a public bank for the past few years. Mayor Javier Gonzales even included public banking in his campaign platform. This summer, it took a major step forward with the announcement of a nine-member task force to determine the requirements to establish a public bank.
From the Sante Fe New Mexican… “Eight months before the end of his four-year term, Mayor Javier Gonzales is recommending appointments to a task force responsible for research that could lead elected officials to dramatically change the way Santa Fe’s city government does its banking.
“The task force will help determine requirements to establish a public bank. The nine-member panel must complete its work within six months of its first meeting, possibly making the idea of a public bank a major campaign issue in next spring’s mayoral election.
Public banking leverages a government’s assets to stimulate investment in the community. Examples of public banking include offering low-interest loans to local businesses or low-cost financing for public projects, such as housing and infrastructure.
“’The public banking issue has nothing [to] do with politics,’ he [Gonzales] said in a statement, ‘it’s about making sure we’re putting Santa Fe’s money — the taxpayer’s money — to the best possible use and investing it back into the community for the things that keep our community moving forward.’” [read more]