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Core members of the Brass Tacks Team, from left to right: Dan Metzger, Elizabeth Dwyer and Nichoe Lichen
Core members of the Brass Tacks Team, from left to right: Dan Metzger, Nichoe Lichen and Elizabeth Dwyer.

Santa Fe City Council Approves Mayor’s Appointments to the Public Banking Task Force

(from left to right) Co-sponsors of the Task Force Resolution: District 1 Councilor Renee Villarreal, District 3 Councilor Carmichael Dominguez, District 2 Councilor Joseph Maestas, District 2 Councilor Peter Ives, District 4 Councilor Michael Harris, District 1 Councilor Signe Lindell

Another step on the pathway toward founding a Public Bank for Santa Fe, took place at the June 28th City Council meeting when the Governing Body approved Mayor Javier Gonzales’ appointments to a Public Banking Task Force. The task force was created by the Council at its April 27th meeting, and the general composition of the Task Force determined at that time.

In addition Santa Fe Finance Department Director Adam Johnson, Mayor Gonzales appointed two citizens at large, Elaine Sullivan and Robert A. Mang; three finance and banking professionals, J. Wayne Miller, Randolph M. Hibben, and Darla Brewer; two attorneys experienced in finance and banking, Kelly C. Huddleston and David P. Buchholtz; and one professional in state and federal banking regulation, Judy A. Cormier.

“The Mayor and Governing Body’s timely and thoughtful selection of the Public Banking Task Force is to be applauded,” said Elizabeth Rice, a board member of Banking on New Mexico, the grass-roots group initially responsible for bringing the concept of a public bank to the attention of the City’s leadership and to the community at large. “The composition of this task force assures that every aspect of a Public Bank for Santa Fe will be carefully and transparently considered,” Elizabeth Rice said, “and we are gratified that Elaine Sullivan, a shepherd of this idea since its inception, will be part of that process.”

Sullivan, a founding member and current president of Banking on New Mexico has had a lengthy career in organizational development including her work here with the Santa Fe Business Alliance.  She is joined as a “citizen” member of the Task Force by Robert A. Mang, co-founder of the Regenesis Group, who is currently on the boards of Jessica’s Love Foundation and the Green Chamber of Commerce. Banker J. Wayne Miller, a northern New Mexico native, is currently Vice President for Commercial Real Estate at Washington Federal, and his local banking experience includes vice presidencies with Century Bank and First National Bank of Santa Fe.

Banker Ralph M. Hibben is retired Chairman, CEO and co-founder of Lake Forrest Bank and Trust Company, Lake Forrest, Illinois and he is currently Vice President and a Director of Santa Fe Habitat for Humanity.  Darla Brewer has, since March of this year, been Senior Forensic Auditor for the Securities Division of the State of New Mexico and previously owned her own financial analyst firm for eight years and was, for seventeen years, held financial analyst positions in a variety of State offices.

Attorney Kelly C. Huddleston is founder/owner of the New Mexico Consumer Protection Law Center and Huddleston Law LLC.  Earlier she practiced with local firms Cuddy McCarthy and the Graeser firm and held senior positions with Santa Fe Public Schools, the Commonweal Conservancy and the Trust for Public Land.  Attorney David P. Buchholtz, with the Rodey Law has served as lead bond counsel to the City of Albuquerque, the New Mexico Finance Authority and the University of New Mexico.  He is currently lead bond counsel to the New Mexico State Board of Finance.

Judith A Cormier, “retired” to Santa Fe as Chief compliance Officer, a director and vice president of TD Bank NA, West Falmouth, MA, and TD Auto Finance Inc., Detroit Michigan.  She is currently Senior Compliance Manager for American Express, Global Banking Compliance and Ethics, Salt Lake City, UT.  Prior to her “retirement” in 2013, she served in compliance and regulatory roles with Citizen’s Financial Group (RBS Citizens NA), Providence, RI; Rhode Island Hospital Trust/Bank Boston; National Bank of Fairhaven (MA; and New England Equity Services (NELESCO)/Loomis Sayles & Co, Boston.

The Public Banking Task Force will report to Santa Fe’s Governing Body six months after its first meeting, and will hold a minimum of two open meetings to obtain public comment.

“I’m proud to be a partner for a community-driven effort to look at the nuts and bolts of public banking and how it can work for our community. Now the hard work begins, and I have confidence a task force made up of community experts and interested community members will dig in.”

– Councilor Renee Villarreal

BoNM’s Five-Year Financial Model shows debt reduction and profit in first year of operation

In 2016, BoNM released a Five-Year Model Supporting a Public Bank for Santa Fe. It suggests that a Public Bank for Santa Fe could, in its first year of operation; help the City substantially reduce its annual debt service cost while making a small profit. In its first five years of operations, a public bank, as can be seen in the study, would significantly contribute to the City’s bottom line both in interest savings and bank profits.

(from left to right) Co-sponsors of the Task Force Resolution: District 1 Councilor Renee Villarreal, District 3 Councilor Carmichael Dominguez, District 2 Councilor Joseph Maestas, District 2 Councilor Peter Ives, District 4 Councilor Michael Harris, District 1 Councilor Signe Lindell

 (For Immediate Release, Santa Fe)  Another step on the pathway toward founding a Public Bank for Santa Fe, took place at Wednesday’s City Council meeting when the Governing Body approved Mayor Javier Gonzales’ appointments to a Public Banking Task Force. The task force was created by the Council at its April 27th meeting, and the general composition of the Task Force determined at that time.

In addition Santa Fe Finance Department Director Adam Johnson, Mayor Gonzales appointed two citizens at large, Elaine Sullivan and Robert A. Mang; three finance and banking professionals, J. Wayne Miller, Randolph M. Hibben, and Darla Brewer; two attorneys experienced in finance and banking, Kelly C. Huddleston and David P. Buchholtz; and one professional in state and federal banking regulation, Judy A. Cormier.

“The Mayor and Governing Body’s timely and thoughtful selection of the Public Banking Task Force is to be applauded,” said Elizabeth Rice, a board member of Banking on New Mexico, the grass-roots group initially responsible for bringing the concept of a public bank to the attention of the City’s leadership and to the community at large. “The composition of this task force assures that every aspect of a Public Bank for Santa Fe will be carefully and transparently considered,” Elizabeth Rice said, “and we are gratified that Elaine Sullivan, a shepherd of this idea since its inception, will be part of that process.”

Sullivan, a founding member and current president of Banking on New Mexico has had a lengthy career in organizational development including her work here with the Santa Fe Business Alliance.  She is joined as a “citizen” member of the Task Force by Robert A. Mang, co-founder of the Regenesis Group, who is currently on the boards of Jessica’s Love Foundation and the Green Chamber of Commerce.

Banker J. Wayne Miller, a northern New Mexico native, is currently Vice President for Commercial Real Estate at Washington Federal, and his local banking experience includes vice presidencies with Century Bank and First National Bank of Santa Fe.  Banker Ralph M. Hibben is retired Chairman, CEO and co-founder of Lake Forrest Bank and Trust Company, Lake Forrest, Illinois and he is currently Vice President and a Director of Santa Fe Habitat for Humanity.  Darla Brewer has, since March of this year, been Senior Forensic Auditor for the Securities Division of the State of New Mexico and previously owned her own financial analyst firm for eight years and was, for seventeen years, held financial analyst positions in a variety of State offices.

Attorney Kelly C. Huddleston is founder/owner of the New Mexico Consumer Protection Law Center and Huddleston Law LLC.  Earlier she practiced with local firms Cuddy McCarthy and the Graeser firm and held senior positions with Santa Fe Public Schools, the Commonweal Conservancy and the Trust for Public Land.  Attorney David P. Buchholtz, with the Rodey Law has served as lead bond counsel to the City of Albuquerque, the New Mexico Finance Authority and the University of New Mexico.  He is currently lead bond counsel to the New Mexico State Board of Finance.

Judith A Cormier, “retired” to Santa Fe as Chief compliance Officer, a director and vice president of TD Bank NA, West Falmouth, MA, and TD Auto Finance Inc., Detroit Michigan.  She is currently Senior Compliance Manager for American Express, Global Banking Compliance and Ethics, Salt Lake City, UT.  Prior to her “retirement” in 2013, she served in compliance and regulatory roles with Citizen’s Financial Group (RBS Citizens NA), Providence, RI; Rhode Island Hospital Trust/Bank Boston; National Bank of Fairhaven (MA; and New England Equity Services (NELESCO)/Loomis Sayles & Co, Boston.

The Public Banking Task Force will report to Santa Fe’s Governing Body six months after its first meeting, and will hold a minimum of two open meetings to obtain public comment.

“I’m proud to be a partner for a community-driven effort to look at the nuts and bolts of public banking and how it can work for our community. Now the hard work begins, and I have confidence a task force made up of community experts and interested community members will dig in.”

– Councilor Renee Villarreal

BoNM’s Five-Year Financial Model shows debt reduction and profit in first year of operation

In 2016, BoNM released a Five-Year Model Supporting a Public Bank for Santa Fe. It suggests that a Public Bank for Santa Fe could, in its first year of operation; help the City substantially reduce its annual debt service cost while making a small profit. In its first five years of operations, a public bank, as can be seen in the study, would significantly contribute to the City’s bottom line both in interest savings and bank profits.

Banking on New Mexico is the primary initiative of WeArePeopleHere!
Our mission is to educate and advocate for the creation of a public bank to democratize our local economy and support the City in its stewardship of the peoples’ money. Our goal is to promote economic justice at the local level by putting the peoples’ money to work here at home, where it can be an engine for reducing debt and growing revenues for our community.

It Should Be Done.

Benefits of a Public Bank for Santa Fe

A Public Bank – owned by the City rather than by private stockholders – would keep Santa Fe’s public monies at home by:

  • Protecting the City’s Resources from the dangerous practices of Global Banks
  • Paying higher interest on City deposits
  • Charging lower interest on City borrowing
  • Retaining interest paid and interest earned within the Santa Fe economy
  • Assuring local control of the City’s resources,
  • Increasing lending to projects benefiting our local community
  • Partnering with locally owned Community Banks and Credit Unions to invest in Santa Fe’s economic growth.

It Can Be Done.

Managing a Public Bank in Santa Fe

A formal legal opinion by the Rodey Law Firm supports the legality of a Public Bank for Santa Fe. The bank would be governed and managed by a professional banking staff and Board of Directors totally independent of elected or appointed government officials. The bank’s policies, priorities and practices would be developed by the People of Santa Fe. Initially at least, the bank would provide banking services only to the City and other public institutions and governments.

public-bank-santa-fe-circle

It Has a Record of Success.

Creating a Public Bank for Santa Fe

The public bank would be chartered and regulated by the New Mexico Department of Licensing and Regulations, Financial Services Division. The state-owned Public Bank of North Dakota has been successful since it was founded in 1919. The Chickasaw Nation Bank2 has grown from $7.5 million to more than $100 million in assets since its founding in 2002, and public banks have thrived in Germany, Switzerland and other countries around the world for Centuries.

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Across the United States, states and municipal governments struggle to provide essential public services, such as schools, public safety, courts and prisons, public health, transportation infrastructure and parks, while also trying to keep taxes down for a middle…read more

Santa Cruz County Won’t Do Business with Big Banks That Act Like Crooks

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Santa Cruz County, California, recently figured out a way to hold big banks who engage in illegal and destructive behavior accountable: Don’t do business with them…read more

A Revolutionary Pope Calls for Rethinking the Outdated Criteria That Rule the World

July 3, 2015
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EllenBrown.com

Pope Francis’ revolutionary encyclical addresses not just climate change but the banking crisis. Interestingly, the solution to that crisis whom the Pope took…read more

Wells Fargo’s estimate for unauthorized accounts jumps 67%, to 3.5 million


Samantha Masunaga and James Rufus Koren
Los Angeles Times

Sen. Elizabeth Warren (D-Mass.) renewed her call for the Federal Reserve to oust more members of Wells Fargo’s board over the still-growing scandal. And Rep. Maxine Waters (D-Los Angeles), the ranking Democratic member of the House Financial Services Committee, said in a statement that the bank should be broken up. read more...

Mayor, council reluctantly keep Wells Fargo as city’s bank


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Councilors, both for and against the measure, expressed trepidation over the extension through 2021, saying the banking giant’s financial support of the Dakota Access Pipeline and fraudulent retail account-creation practices suggested a corporate culture that does not align with the community’s values. read more...

In Texas, drowning in debt


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The alternative is the one used by Lincoln in the Civil War, to bypass the banksters and their high interest. The Treasury can issue the money directly, as “U.S. Treasury Notes,” and avoid the interest paid to the banksters. Cut out the middleman. read more...

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Public Banking — Funding Local, Sustainable Economies