We Don't Need State-Operated Banks...Stop SB 110!
SB 110 PUBLIC BANKING ACT would authorize legislators and the governor to appoint a 'board of trustees' to oversee the 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 government 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 which have little accountability. Why would anyone think the state could do better with yet another initiative, 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 experienced and have a track record of providing for the needs of government agencies, businesses, and consumers in their own communities.
Use the form provided to ask legislators to say NO to SB 110 Community Banking Act!
We Don't Need State-Operated Banks...Stop SB 110!
SB 110 PUBLIC BANKING ACT would authorize legislators and the governor to appoint a 'board of trustees' to oversee the 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 government 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 which have little accountability. Why would anyone think the state could do better with yet another initiative, 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 experienced and have a track record of providing for the needs of government agencies, businesses, and consumers in their own communities.
Use the form provided to ask legislators to say NO to SB 110 Community Banking Act!