Santa Fe will have task force to explore public bank idea

On Wednesday, the City Council unanimously approved a resolution that would create a nine-member task force appointed by the mayor and approved by the governing body within the next 60 days. The panel will report back to the council after six months with its findings so the council can “make an informed decision about submitting an application for a New Mexico Bank Charter for a Public Bank of Santa Fe.” read more…

City looks to give community banks, credit unions slice of its business

The city’s banking agreement with Wells Fargo ends Dec. 31, and the request issued by the city Finance Department allows for a menu of banking and finance services, with the smaller chunks aimed at attracting a more diverse group of providers. read more…

What a State-Owned Bank Can Do for New Jersey

Phil Murphy, the leading Democratic candidate for governor of New Jersey, has made a state-owned bank a centerpiece of his campaign. He says the New Jersey bank would “take money out of Wall Street and put it to work for New Jersey – creating jobs and growing the economy [by] using state deposits to finance local investments … and … support billions of dollars of critical investments in infrastructure, small businesses, and student loans – saving our residents money and returning all profits to the taxpayers.” read more…

Fed’s Kashkari to Jamie Dimon: It’s ‘nothing personal’ — big banks need to double their safety nets

• Minneapolis Fed President Neel Kashkari warns that big banks need “about twice as much” capital to address “too big to fail.”
• Kashkari disputes JPMorgan chief Jamie Dimon’s contention that “too big to fail” fears have been eradicated.
• Kashkari says he’d accept a little less lending from the big banks because “benefits outweigh the costs.” read more…

Public Banking for Santa Fe: An Interfaith Forum

We’re looking at the latest push for a public bank for the City of Santa Fe … Last Wednesday City Councilor Renee Villarreal re-introduced a proposal to create a task force to determine what it would look like to launch a public bank. The following evening the advocacy group Banking on New Mexico hosted an interfaith dialogue about public banking and economic justice. read more…

The People’s Bank

How did deep-red North Dakota end up with the nation’s most populist financial institution?
When the financial crisis struck in 2008, nearly every state legislature was left contending with massive revenue shortfalls. Every state legislature, that is, except North Dakota’s. In 2009, while other states were slashing budgets, North Dakota enjoyed its largest surplus. All through the Great Recession, as credit dried up and middle-class Americans lost their homes, the conservative, rural state chugged along with a low foreclosure rate and abundant credit for entrepreneurs looking for loans.
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Donald Trump Wants to Gut Protections for Bank Customers. Here’s How to Fight Back.

With Wall Street as greedy as it ever was, and the Trump administration seeking to ditch banking restrictions enacted in 2008 to protect the little people, a handful of cities are considering a do-it-yourself alternative: Public banking is just what it sounds like—financial institutions owned and operated by a government entity. Officials in Philadelphia and Oakland, California, are taking a hard look at the idea, and Santa Fe, New Mexico, has done a feasibility study that concluded a city-run bank would benefit the community, socially and economically. If done right, the report found, the bank would create a “robust local lending climate” and bring in millions of dollars per year in revenue. read more…

Public Banking — Funding Local, Sustainable Economies