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NM public bank proposal gains momentum


 (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.
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“It’s just an idea that just seems to fundamentally make sense to people, and people are excited for it,” Steinborn told the Journal. ....

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