Public Banking
Reconnect-Today is allying and collaborating with the Alliance for Local Prosperity to establish a Public Bank for New Mexico. A Public Bank will support and strengthen our local place while taking back our money from Wall Street to put our resources to work for us in New Mexico.
The Alliance for Local Economic Prosperity is a statewide coalition of concerned citizens with the mission to explore and advocate for a more democratic society with economic justice for all, through Public Banks that keep our State’s dollars at work in NM.
What Is a Public Bank?
Public Banks are owned by the people through their representative governments: a city, a county, a regional authority, a state or a tribe, for the purpose of benefiting the community.
How is a Public Bank Different from Privately Owned Banks?
– Bank decisions are guided by a public mission or purpose established by the public.
– Its purpose is to benefit the whole public and does not accept individual accounts or
serve private shareholders.
– It accepts and invests public funds (taxes, fees and fines).
– Its decisions are fully transparent and accountable to the public, unlike privately owned banks.
-It is a banker’s bank, not a retail bank.
Will the Government Run the Bank?
– No. A Public Bank would be operated by professional bankers who make all bank financial decisions independent from the government entity.
– There are strong protections between the public interest and inappropriate political influence.
How Does a Public Bank Benefit the Community?
– It may invest in local economic and community development, such as roads, buildings, parks,
utilities.
– It can reduce the number of public projects paid for with bonds, thereby lowering the total
bond costs.
– Bank profits from these investments can help fund new community services and projects.
These are some frequently asked questions about a Public Bank. If you would like more information or to volunteer for the Public Banking initiative, go to AFLEP website, http://bankingonnewmexico.org/
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