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New Mexico’s Public Bank Legislation Is Running Out of Time

Backed by the CU Association of New Mexico, the measure would've benefited economic development projects and credit unions.

New Mexico state flag. New Mexico state flag. (Source: Shutterstock)

Time is running out for a proposed bill that would establish a public bank in New Mexico, a measure endorsed by the state’s credit union trade group but strongly opposed by the state’s community bankers association.

Though HB 236 was narrowly approved by a 5-4 vote in the Commerce and Economic Development Committee in February, it was tabled on March 5 by the House Appropriations and Finance Committee. And as New Mexico’s legislative session is set to end at noon on March 20, there is little chance or time for any committee action on the Senate companion bill, SB 313.

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Peter Strozniak

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