New Mexico saying 'adios' to big banks House votes 65-0 to move $5 billion in state funds to credit unions and community banks.

Submitted by Quest-News-Serv... on Wed, 02/10/2010 - 20:47.
new_mexico.jpg

new_mexico.jpgNew Mexico saying 'adios' to big banks - New Mexico's state legislature is moving quickly to move its money out of big financial institutions and turn it over to credit unions and community banks.

February 10, 2010 - 6:00am

 New Mexico's state legislature is moving quickly to move its money out of big financial institutions and turn it over tocredit unions and community banks.

 

The state's House of Representatives voted 65-0 this week for a bill that allows the state to move $2 billion - $5 billion of state funds.

The municipal funds bill still must be approved by New Mexico's Senate but passage appears likely.

GovernorBill Richardson says he supports the legislation and will sign the bill if it reaches his desk.

 http://www.capitolhillblue.com/node/25625

 

 http://www.capitolhillblue.com/node/25625

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New Mexico leads the way!

Submitted by Lee Batdorff on Thu, 02/11/2010 - 00:05.

This is great news! I've been to New Mexico twice and it is wonderful to know that the state is not only beautiful, it chooses to put its money into community banks and credit unions that actually care about customers, not forced to do things by stock holders. While Ohio Governor Strickland is somewhat feckless such a move here would bolster his standing with voters and be a good investment as well.