We don't need State operated Banks...Stop HB125!
HB125 PUBLIC BANKING ACT would authorize legislators and the governor to appoint a 'board of trustees' to oversee management of a state managed bank. Then, an 'allocation' of tax dollars would be put into a banking fund to get things going. Based on how more money is needed each year to 'invest' in current governenment programs - more allocations of tax dollars would be needed for the banking fund. There are many reasons why this is a bad idea.......here are a few:
New Mexico already has the quality banking services it needs. It would be unfair and unjustifiable to start a public bank and take business away from existing community banks that have been serving New Mexico for decades. Beyond that, New Mexico already has many public services that are provided now, which have a lack of accountability. There is no reason to think the state could do better with a brand new initiatiave, putting tax dollars at risk while learning to manage a bank.
Community banks in operation now have their own dollars at risk, not those of taxpayers. They are well experienced and have a proven track record of providing for the needs for government agencies, businesses and consumers in their respective communities.
Use the form to the right to ask legislators to say NO to HB125 Community Banking Act!
We don't need State operated Banks...Stop HB125!
HB125 PUBLIC BANKING ACT would authorize legislators and the governor to appoint a 'board of trustees' to oversee management of a state managed bank. Then, an 'allocation' of tax dollars would be put into a banking fund to get things going. Based on how more money is needed each year to 'invest' in current governenment programs - more allocations of tax dollars would be needed for the banking fund. There are many reasons why this is a bad idea.......here are a few:
New Mexico already has the quality banking services it needs. It would be unfair and unjustifiable to start a public bank and take business away from existing community banks that have been serving New Mexico for decades. Beyond that, New Mexico already has many public services that are provided now, which have a lack of accountability. There is no reason to think the state could do better with a brand new initiatiave, putting tax dollars at risk while learning to manage a bank.
Community banks in operation now have their own dollars at risk, not those of taxpayers. They are well experienced and have a proven track record of providing for the needs for government agencies, businesses and consumers in their respective communities.
Use the form to the right to ask legislators to say NO to HB125 Community Banking Act!