Although this article was written before the Santa Fe City Council approved the task force, that step is now also complete and the work is beginning.
Eight months before the end of his four-year term, Mayor Javier Gonzales is recommending appointments to a task force responsible for research that could lead elected officials to dramatically change the way Santa Fe’s city government does its banking.
The task force will help determine requirements to establish a public bank. The nine-member panel must complete its work within six months of its first meeting, possibly making the idea of a public bank a major campaign issue in next spring’s mayoral election.
Public banking leverages a government’s assets to stimulate investment in the community. Examples of public banking include offering low-interest loans to local businesses or low-cost financing for public projects, such as housing and infrastructure.
We are especially pleased that Elaine Sullivan (pictured above), president of the key public banking advocacy group Banking on New Mexico , is a member of the task force. We eagerly await their results.