Public Banking

I support the establishment of a New Mexico public bank. North Dakota has successfully run their own bank since 1919. All public funds are kept by this bank with profit benefiting the state. The North Dakota Public Bank was not severely affected by the 2008 crash and did not have to be bailed out like the private banks. Read more information about the ND bank here.

This movement is accelerating across the country; California approved public banks for municipalities in 2019. I believe a New Mexico state bank could reduce our dependence on oil and gas revenues. Profit that the bank would make would stay in NM and support the state. Read more.

In addition, I advocate using a credit union instead of a bank, especially a “too big to fail” bank. A bank makes money for its stockholders by using your money. A credit union’s “stockholders” are the members themselves, and so the money credit unions make is returned to the members.