ALBUQUERQUE, N.M.-State legislators are thinking locally about financial institutions, with some supporting a bill that would require the state to deposit its funds into locally owned credit unions and banks.
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Such a bill would result in $1.4 billion of deposits now sitting with banking giant Bank of America to be shifted to local institutions.
"So this $1.4-billion deposit we could make, means there's $6 billion available to New Mexico small businesses and homeowners to grow their business, hire employees, buy a new house...it's a terrific economic stimulus with no impact to the state budget," said the sponsor of the bill, Rep. Brian Egolf.
