In what is being described as a "disappointing" industry defeat, the New Mexico Senate Thursday killed a House-passed bill, which would have funneled some $5 billion in state funds into community banks and credit unions.
The measure, given national publicity as an outgrowth of the "Move Your Money" campaign of New York political pundit Arianna Huffington, failed to reach a Senate calendar for bill consideration.
The measure, sponsored by Rep. Brian Egolf, (D. Santa Fe), had earlier passed the New Mexico House on a surprising 65-0 vote but backers feared opposition from money center banks including Bank of America and Wells Fargo, who are current holders of state accounts.
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