SANTA FE, N.M. — Santa Fe is not ready for a public bank, but the city should work with the Legislature and state officials to look into creating a public bank at the state level that Santa Fe and other cities could utilize.
That’s one of the recommendations of the city’s Public Bank Task Force’s final report that was presented to the City Council on Wednesday.
The report concludes that “current legal and regulatory requirements are not conducive to the creation of a State-chartered Public Bank,” and would require legislation to change existing laws. If that were to happen, then state officials could consider forming a public bank.
“We believe this more appropriate statewide scale would justify work needed to amend the current legal and regulatory restrictions,” the report says. “We also think incurring business planning costs and examining capitalization requirements would be justified.”
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