City of Albuquerque
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File #: M-20-6   
Type: Memorial Status: In Council - Final Action
File created: 1/4/2021 In control: City Council
Final action:
Enactment date: Enactment #:
Title: Urging The New Mexico State Legislature To Establish A State Public Bank, Owned By And For The People Of New Mexico, During The 2021 Legislative Session (Gibson, Davis, Sena, Bassan)
Attachments: 1. M-6
CITY of ALBUQUERQUE
TWENTY FOURTH COUNCIL


COUNCIL BILL NO. M-20-6 ENACTMENT NO. ________________________

SPONSORED BY: Diane Gibson, Pat Davis, Lan Sena, and Brook Bassan


MEMORIAL
title
Urging The New Mexico State Legislature To Establish A State Public Bank, Owned By And For The People Of New Mexico, During The 2021 Legislative Session (Gibson, Davis, Sena, Bassan)
body
WHEREAS, a state public bank established and chartered in the state of New Mexico would be a publicly-owned financial institution to improve the use and management of the state's funds for investment within Mew Mexico and fulfill the need for alternative affordable lending resources for local business and non-profit organizations; and
WHEREAS, the taxpayers of New Mexico desire and require responsible and equitable use of public funds for public benefit and accountability in their financial system, and a New Mexico Public Bank would operate according to state and federal financial and banking laws; and
WHEREAS, an independent governing board will ensure that the management is sound and the board members will consist of New Mexico residents and have clearly demonstrated personal and professional integrity and impartiality, be very familiar with the needs of our communities, and a portion of which must have sound financial industry banking experience; and
WHEREAS, all investment practices will be in keeping with the state public bank's mission and its management and staff, who are banking professionals, are overseen by a governing board of directors, and its policies and reporting requirement assure compliance and transparency for how public funds are managed; and
WHEREAS, investing in a state public bank will enhance the economic stability of New Mexico's citizens and improve the vitality and viability of New Mexico's communities and economic sectors by leveraging gross receipts for the public good; and
WHEREAS, a state public bank encourages...

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