Draft resolution to establish a State of New Mexico owned public bank

Here is a copy of a draft resolution that I will be submitting to the Bernalilo County administrations for consideration in upcoming agenda.

Draft Resolution in Support of Public Banking in NM by Bernalillo County

Whereas, public bank in many Countries have proved to provide economic benefits to their citizens, and

Whereas, the Bank of North Dakota, the only State in the United States of American, has demonstrated its ability to create those benefits since its Founding in 1919, and

Whereas, those benefits include the creation of New Jobs and heightened economic growth, generation of new revenues for the state, Reduction of Debt costs for local governments, strengthening of local banks, evening out of credit cycles, and support for small businesses, and

Whereas, the State of the New Mexico is experiencing slower economic growth than its regional neighbors, and

Whereas, New Mexico Small Business a suffer from a lack of available capital for expansion and daily business activities, and

Whereas, fledgling business often benefit more from debit capital than equity but find both difficult to attain, and

Whereas, community banks in New Mexico also suffer fro lack of access to capital to lend to New Mexico Enterprises, and

Whereas, it is harmful to the citizens of the state of New Mexico to pay out-of-state banks totals 35% and more in interest on capital outlay projects, and

Whereas, the State of New Mexico faces continuing budget crisis that limit its ability to respond to infrastructure needs of its citizens, and

Whereas, community bank in New Mexico are face overwhelming competition from National banks that have been deemed “too Big to Fail” and have been saved from failure only by massive infusions of taxpayer funds, and

Whereas, investments in State enterprises is necessary to counteract the effects of both normal and extraordinary economic cycles but often unavailable when it is needed most, and

Whereas, the ability to respond to local emergencies is best served by having local funding available, and

Whereas, the ability to make loans to strategic industries identified by the State of New Mexico could help direct development of vital sectors of our economy, and
Whereas, the publicly owned bank is cognizant of NM being the number ONE capital emitter of GHGEs emissions recognizes the necessity of drastic carbon emissions cuts, and

Whereas, the public owned bank is to remain divested from fossil fuel extraction industries and the military industrial complex contractors and invest in clean renewable energy in order to meet the safe level of carbon emissions to 10% of its current levels, and

Whereas, the public owned bank supports a state tax structure where reliance on fossil fuel industry lessened and eliminated,

Whereas, a publicly owned bank could provide low interest loans for education our students, and

Whereas, the interest earned from loans made to New Mexico public agencies is currently paid to banking institutions based in other states but could represent significant income to the state treasury , and

Whereas, New Mexico businesses and private citizens would benefit from banking services that base their decisions on the welfare of the state and its residents rather than on the welfare of the shareholders,

Now therefore, the County of Bernalillo calls for the establishment of a publicly owned bank and supports the State of New Mexico establishment of a publicly owned bank. 

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This is the resolution that will be submitted to Bernalillo County Commission in response to the #DeFundDAPL campaign in support of the Standing Rock Souix Tribe, Oceti Oyate Camp and Sacred Stone Camp and the courageous water protectors who endured human rights violations through totalitarian repressive tactics stood up to protect sacred water, bring awareness to Treaty issues and indigenous rights that have been ignored for too long. The world watched and the people are responding to corporate greed and the oncoming storm ahead. It is time we protect our assets,
Our water and air. Divest from fossil fuel and transition to a a local Economy. A people's bank that is a long term divestment from fossil fuel and establishes a fossil fuel free tax structure for the State.

Fiscal agents do not currently exist in the banking system that have the services available that municipalities need. Therefore, the establishment of a public owned bank is need in order to the transitioning from Fossil Fuel in NM. We can ask these entities to divest but they have to be able to go somewhere else the money. Credit unions and community bank cannot handle these investments because they are not set up for it. This is a draft proposal subject to change
but I thought it important to start a public education on the need for a public bank right from the start. 

I will be introducing this draft for their consideration at the January 10 #DeFundDAPL public comment asking that this issue be set on a future agenda for consideration.

Also, we need to change the tax structure of the state so it does not rely on the Fossil fuel industry or the military industrial complex Contractors for its support. Its time to send the message. Please PM me for suggestions and advice. thanks - Elaine Cimino