ALBUQUERQUE, N.M. – This state’s legislature has voted to move at least $2 billion from large financial institutions into credit unions and community banks.
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The New Mexico House of Representatives has voted 65-0 to approve a bill allowing the state to move between $2 billion and $5 billion in state funds to the smaller institutions. The bill still requires approval by the New Mexico Senate, but observers say that is likely.
Gov. Bill Richardson has said he will sign the bill if approved.
