Home Blog NEW MEXICO TO MOVE ITS MONEY

NEW MEXICO TO MOVE ITS MONEY

0

Legislators can move more than their money — they can put their tax revenues into small banks and credit unions, too. It empowers the local economy and puts a real confidence in community businesses. Arthur Delaney reports for the Huffington Post that Brian Egolf, a state representative in New Mexico has proposed that his state move its money to community banks or credit unions. He said the Move Your Money effort “made a lot of sense.”

Egolf said the account, which is essentially the state’s checking account, holds $1.4 billion and is managed by Bank of America. Egolf’s bill directs state officials to study the feasibility of dividing up the account and distributing it between community banks and credit unions throughout the state. He said he discussed the measure with Gov. Bill Richardson (D) for an hour on Thursday, and that the governor supported the measure.

Egolf said moving state funds into local banks or credit unions would benefit the New Mexico economy by freeing up local credit. “The potential size and impact of moving this money is monumental. The biggest bank in the state right now has $2 billion in assets.”

According to the SFReeper.com, the proposal is attracting fans. Dozens of New Mexicans have taken to the state Capitol to show their support