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Like many banking executives, Harold Dixon wasn’t sure at first about the idea of a state government owning its own bank. His knee-jerk reaction was skepticism that a state government could run a bank, because state employees don’t really have experience doing that. And he would know that better than just about anyone in New Mexico. Dixon is CEO of the State Employees Credit Union of New Mexico, with 49,000 members. Only state employees could become members until 2016, when the credit union expanded its membership eligibility. “But once I wrapped my head around it and once it was clear they’re not taking your customers away, they’re just to help supplement what you already do and be another avenue to help you loan more money out in the community, it made a lot of sense,” Dixon says. ....
(Eddie Moore/Albuquerque Journal) Given New Mexico’s struggles attracting and retaining investment dollars, legislators are considering an unorthodox solution: establishing a statewide public bank. A local nonprofit, Alliance for Local Economic Prosperity, has developed a business plan that outlines the structure and approach for a state public bank, an entity the state could use to deposit assets and support state investment programs. While legislation has not yet been introduced, several legislators, including Rep. Patricia Roybal Caballero, D-Albuquerque, and Sen. Jeff Steinborn, D-Las Cruces, have expressed support for the proposal. ...................... “It’s just an idea that just seems to fundamentally make sense to people, and people are excited for it,” Steinborn told the Journal. ....
3:31 The Alliance for Local Economic Prosperity is calling on the Las Cruces City Council to approve a resolution in support of a public bank in New Mexico. Angela Merkert, the executive director of the Alliance for Local Economic Prosperity, says the formation of a public bank will lead to greater economic health for the state. “In New Mexico, state revenue and fees are deposited in large global banks. They use our deposits as leverage to make loans and investments in companies of their choosing to maximize profits for their stockholders,” Merkert said. “That doesn t help our local economy. If New Mexico had a state public bank for our revenues, our taxes and our fees, that bank could use our deposits as leverage to make loans for the problems of our communities including infrastructure, small businesses, health clinic enhancements and more.” ....