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.
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.
Rep. Egolf says he has met with the governor to talk about his bill, and said he got a warm reception.
