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Angela Werneke

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Denys Cope

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Glenn Schiffbauer

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William Mee

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Alan Webber

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Merle Lefkoff

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Dr. Leslie Lakind

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Wanda Ross Padilla

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Pat Padilla

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Merrylin LeBlanc

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Chris Calvert

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Marcia Wolf

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Bruce Merchant

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Carmen Lopez

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Owen Lopez

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Leona Stucky-Abbott

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Esther Kovari

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Lannie Loeks & Chris Clemens

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Kenneth Mayers

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Debrianna Mansini

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Lindsey Hope Pearlman

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George Gamble

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Dee Gamble

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Gershon Siegel

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Michelle Mosser

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Bob Mang

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Pamela Mang

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Angela Werneke

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Brian Skeele

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Stephen Schmidt

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Denys Cope

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Bill Light

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Shelly Browning

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Walter Dilts

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Clifton Chadwick

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Lorenzo Mondragon

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Rachel Cogent

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Anna Hansen

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Paul Stokes

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Bobbe Besold

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Dominique Mazeaud

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Paul Gibson

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John Meade

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Earl Staelin

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Lucy Lippard

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Jay Bunker

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Senator Peter Wirth

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Linda Trujillo

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Charles Koenig

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Jesse Guillen

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Meryl Lieberman

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JC Corcoran

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Home



Is a Public Bank Right for Santa Fe?

The idea of a public bank for Santa Fe was first introduced by the grass roots organization WeArePeopleHere! seeking ways to strengthen the city’s economic health. Their initial exploration of the history of public banking, and research on “if and how” a public bank would serve Santa Fe resulted in their establishing Banking on New Mexico, which has led an extensive, in-depth examination of this significant public policy initiative.





City Officially Undertakes Research into Public Bank

Exploration of a public bank for Santa Fe began in fall 2012, when members of the grass roots collective WeArePeopleHere! began to study publicly owned banks in the US and abroad, establishing a relationship with the expert economists and bankers of the Public Banking Institute. Soon, city officials including Mayor Javier Gonzales and city councilors, joined the examination of whether a public bank was possible and would be of value to the city’s financial stability.

  • September, 2014 – City of Santa Fe, Public Banking Institute and WeArePeopleHere! host international symposium on public banking, resulting in the establishment of Banking on New Mexico and continued exploration of a public bank by the city.
  • January, 2015 – City Council contracts Building Solutions LLC (Principal, Katie Updike) to conduct Public Bank Feasibility Study
  • November, 23, 2015 – BoNM presented the mayor and city attorney a definitive legal opinion from David Buchholtz of the Rodey Law Firm that New Mexico Constitutional and Civil Law and financial regulations permit the chartering of a public bank.
  • January, 2016 – City of Santa Fe Feasibility Study reports a public bank is economically and operationally feasible
  • January, 2016 – BoNM releases its Five-Year Model, confirming a public bank can provide new income and interest savings for city
  • April, 2017 – City Council votes unanimously to establish the Public Bank Task Force proposed by Councilor Villarreal
 

Creating a Task Force to Answer Hard Questions

On April 16, 2017 a City Council Resolution set up a 9 member Task Force “to determine the procedures, timelines and requirements that would be necessary to establish a chartered public bank and to make recommendations to the city council in order for the city council to make an informed decision about whether to establish a Public Bank for the City of Santa Fe.” The resolution further directs the Task Force to define the purpose of a chartered public bank, investigate how to best capitalize a public bank, and to recommend bank governance structures that will provide transparency and accountability to the public, with maintenance of a “high ethical standard.” The Task Force’s final report, due early in 2018, will include all the research needed to make an informed decision about submitting a New Mexico bank charter application for a Public Bank for Santa Fe.

 

On August 15, the Work of the City-Appointed Public Banking Task Force Began.

TASK FORCE PROCEEDINGS BELOW:
We are making available here, full audio recordings of the meetings with significant documents presented in meetings, and news of upcoming events and reports.

Public Banking Task Force Members’ Experience

June 28, 2017, city council unanimously approved Mayor Gonzales’ suggested appointees to the Task Force: finance and banking professionals, J. Wayne Miller, Randolph M. Hibben, and Darla Brewer; attorneys experienced in finance and banking, Kelly C. Huddleston and David P. Buchholtz; a professional in state and federal banking regulation, Judy A. Cormier; and two citizens at large, Robert A. Mang and Elaine Sullivan. The ninth member, Adam Johnson, is City Director of Finance. Elaine Sullivan is the only member actively advocating for public banking prior to her appointment. Task Force Chair David P. Buchholtz wrote the Rodey Law Firm’s formal opinion on the legality of a public bank for Santa Fe in 2015.

READ MEMBER CREDENTIALS

 


Read or Download the BoNM Five-Year Public Bank Model Report



Task Force Proceedings

Public Banking Task Force 2017 Meeting Schedule

All meetings are open to the public and held from: 4:30pm to 6:30pm at the City of Santa Fe Offices, 2nd floor, Market Station Building in the Roundhouse Conference Room, 500 Market Street (next to REI). 505.955.6581

Upcoming Task Force Meetings
  • Wednesday, October 18
  • Wednesday, November 8
  • Wednesday, November 29
  • Wednesday, December 20

#1 Task Force Meeting

The August 15th meeting (not recorded) was organizational in nature, reviewing the tasks to be accomplished, setting up a preliminary schedule of meetings and plans for reporting to city council.

#2 Task Force Meeting

A complete recording of the September 6 meeting (in 2 sections), is available here:

The first section of this recording includes a presentation by Katie Updike reviewing the Public Bank Feasibility Study, which was commissioned by city council in January of 2016 and presented to the city council in January of 2017. It concludes with the beginning of City Finance Director Adam Johnson’s presentation of a report requested by the city council on city financial operations as part of the Task Force Resolution.

The second section of this recording includes the balance of Adam Johnson’s report on city finances and concludes with questions by members of the public attending the Task Force meeting.

The Finance Department’s report on Treasury Management and Investment Practices prepared at the instruction of city council for the Task Force

#3 Task Force Meeting

A complete recording of the September 27 meeting (in 2 sections), is available here:

Task Force Chair David Buchholtz reported that the Santa Fe City Attorney has retained outside counsel to prepare a legal opinion for the city on a public bank. The Task Force then discussed the offer by Mr. David L. Dubrow with the Arent Fox Law Firm from NYC, to answer questions or provide expertise to the Task Force during its deliberation. A motion from Bob Mang was passed to graciously acknowledge Mr. Dubrow’s offer and to reconsider it in the future if needed. Discussion of the issues of timing, character and venue for the Task Force’s first public input meeting began, but was deferred until individual Task Force subcommittee reports were presented. Reports were made by several Task Force subcommittees including the Regulatory Committee, the Governance Committee and the Capitalization Committee.

The discussion of a public input meeting was resumed and resulted in a preliminary plan for such a meeting to take place sometime prior to the Task Force’s first report to the city council’s Finance Committee, possibly in mid-November, and the maximum possible promotion for such a meeting was urged. Under new business, it was recommended that the Task Force create a technical committee to specify the exact assets needed to launch a bank. In the public comment period, two attendees urged the task force to persist with the resolution’s focus on a chartered public bank.



 

Banking on New Mexico is the primary initiative of WeArePeopleHere!.
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. Our Mission is to transform the current social and economic condition to one of a democratic society that respects and represents the well-being of all its people.

 





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Public Banking — Funding Local, Sustainable Economies