New Mexico declares ‘hasta la vista’ to big banks
February 10, 2010
(ChattahBox) – New Mexico’s state legislature is looking to move it’s money out of big financial institutions and turn it over to credit unions and community banks. The state’s House of Representatives voted 65-0 this week to pass a bill that allows the state to move $2 billion – $5 billion of state funds to credit unions and small banks, a setback to large national banks, like Bank of America and Wells Fargo, which have had a lock on such funds.
The municipal funds bill still must be approved by New Mexico’s Senate but passage appears likely. And Governor Bill Richardson says he supports the legislation and will sign the bill if it reaches his desk. The sweeping House vote follows national mention of the New Mexico effort in the “Move Your Money” campaign of Arianna Huffington, that aims to spur financial reform at big banks by encouraging account holders to move their money to smaller credit unions and community banks.