Help Me With Sign New Mexico Banking Form

How to industry sign banking new mexico document online

[Music] the ideal scenario of a public bank for New Mexico would be for this bank to give back to the community instead of taking away as the private banks do the bet public banks would receive hold and invest substantial deposits from stake holders public banking has many pros that have been modeled for us by Bank of North Dakota but with potential development comes potential risk our group will discuss the many pros of creating a successful public bank in addition to the cons and potential risks that come along with public banking as well as how and what tools can be used to measure the economic impact of a new public bank in New Mexico it would be ideal if the public bank could lower interest rates pay the city it resides in higher interest on deposits make a profit as a result of lower operating costs and smaller management teams and best of all keep New Mexico's money in New Mexico new jobs and small business will also be created as a result of public banking New Mexico in addition to many states has shown interest and continues to so initiative in making that happen by creating public banking North Dakota had the lowest unemployment foreclosure and default rates in the country beginning in 2010 almost half of the US states have begun working with legislation to create more public banks the surge in legislation shows an attempt to regain control over regional economies after Wall Streeters won't destroyed much of the US economy and was bailed out at the public's expense in spite of this legislative push North Dakota is the only state that has a state public bank established as of night 2019 13 states currently have a bill current visibility study task force or ballot measure introduced two states are currently pending legislation in Washington DC and eight states have organized public bank work community groups there are many benefits to having a public bank system taxpayers will benefit from both the profits the bank makes and the services the bank provides according to the public banking Institute the possibilities can include the following based on what model or City the bank would select affordable financing to mis municipalities for public projects access to credit lines loans and other forms of financial to finance to help local business to succeed and grow affordable loans for students and to attend college affordable loans on reasonable mortgage terms for homebuyers public banks can also help solve some problems currently most cities and states put their money into wall street banks they also borrow money from the banks on Wall Street by creating a publicly owned bank they are cutting out the middleman publicly owned banks also have the benefit of reducing fees and they can offer lower interest rates it helps a local economy by creating new jobs and helps build up small businesses since private banks focus on more more on short term profit gains this affects interest rates higher debt and affects the local business's ability to be effective and results at a higher failure rate public banking is seen as a win-win for everyone public banks can make below market loans to state and local governments saving them millions or even billions of dollars unlike private banks that take deposits directly from individuals organizations or businesses public banks do not they only accept deposits from state and municipal governments the public banking Institute does not think that they are competing with private banks they help banks create a diverse robust private banking system that truly serves the public public banking is an unknown topic to many and if you are not in the field banking field related to someone who is in the banking field or even had a professor with the background in the banking then let us explain to you what public banking is not using B and D as a reference we will demonstrate how the public banking field works and some of the complications that come along with it the concern our main concern with public banking is that the FDIC does not insure it according to the about FDIC section on the FDIC W gov website page the FDIC preserves and promotes public confidence in the US financial systems by insuring deposits and banks and thrift institutions for at least $250,000 by identifying monitoring and addressing risk to the deposit insurance funds and by limiting the effect on the economy and the financial system when a bank or thrift institution fails what does this mean for the banking consumer doing business with an FDIC insurance insured bank it means that your funds deposit savings checking accounts life savings are protected up to the amount of $250,000 per account in case there's a bank heist bank failure or an ethical baking scheme the FDIC also examines banks for compliance with the consumer protection laws including the Fair Credit Billing Act the Fair Credit Reporting Act the Truth in Lending Act and the Fair Debt Collection Practices Act to name a few [Music] public banks are also largely political due to their government ownership this can be a hindrance if too many competing organizations try to apply for loans at the same time as these loan decisions can potentially be used as political maneuvers as a government official seeking re-election in and in need of securing consumer votes for his or her next political race if so this might or might not be the time for large organizations to apply for loans are these said political loans going to be priced appropriately based on economic research findings or are they going to be based on vote tallies do consumers want their bank to be running off of political votes or economic ones some might point to BND currently the only state-run and state-owned American bank of course that ignores that the 1800s there were several state-owned US banks they all failed miserably and at great expense to the taxpayer they were also magnets for corruption however that's history currently BND is generally a well-run institution it is also a massive subsidy to the fossil fuel industry one only need to look at its annual reports to see that the bulk of its below-market lending has been to the fossil fuel industry it is a case in point illustrating that government-owned banks will tend to subsidize the powerful [Music] other items to consider with public banking for the everyday customer is that public banks do not have the same global versatility lastly as members of a country state city or town many of us don't want to acknowledge our own segregation whether we are segregating by race color nationality religion sexual preference or political stance we must acknowledge that we still have a lot of work to do in correction correcting the factors that buy US banking decisions in some some of the cases in smaller towns some of which have strong political stances where prejudice is evident in loan decisions public is as not as smart as it might seem somehow we identify and address the issues of small localities for example would we start to see gun shops close in strong democratic areas what Planned Parenthood locations be denied loans in strongly conservative areas [Music] there would have to be some oversight and safeguards in place take for example VND the state's Industrial Commission governs B and D consisting of the governor Attorney General and the Commissioner of Agriculture of all elected officials the Commission in effect serves as the bank's board of directors the bank also has a seven member advisory board which is appointed by the governor and consists of people with expertise in banking including representatives of community banks using history as our guide having our state elected officials controlling our personal funds and the investment of those funds could be a slippery slope we believe these are all questions that must be addressed and answered we have researched public banking efforts in multiple states throughout the country and we have yet to find one site that had a customer concern and response page related to some of these questions which raises some flags as these sites seem to be solely representing a one-sided approach how to measure the economic impact of the noumic new public Bank in Santa Fe New Mexico is in weighing costs and benefits of local development initiatives economic development analyst analyst assess economic impact meaning the total effect on economic activity the empirical methodology for measuring total economic impact is called a multiplier analysis a multiplier is composed of three effects the direct effect the indirect effect and the induced effect the direct effect is the initial money spent to purchase goods and services as well as labor the indirect effect traces the backward linkages meaning in state spending for goods services and it employs by suppliers the induced effect traces the forward linkages of some employees spending their new income on in-state goods and services for their households most economic impact studies seek to estimate the multiplier effects of government spending on a project such as government investment on a new road a museum a sports stadium energy development or university impact studies utilize multipliers from a regional out input-output modeling system from the US Department of Commerce Bureau of Economic Analysis called or Institute rims to is a tool used by investors planners and elected officials to assess the potential economic impacts of various projects objectively thus this model produces multipliers that are used in economic impact studies to estimate the total impact of a project on a region the behind the idea behind the model is that an initial change in economic activity results in other rounds of spending for example building a bridge will lead to increased production of steel and other building materials the increased production of steel will lead to more iron ore mining workers hired do the increase in economic activity will spend more in the region in analyzing the economic impact of a public bank we are not dealing with direct government spending or tax expenditures instead a public bank would be increasing the amount of credit or lending available the relevant rims to industry for measuring the impact of a public bank as Federal Reserve's bank credit intermediation and relative activities the key findings in our research is there are a broad call for public banks across the US including state banks or municipal banks partly as a result of a shortage of credit in some sectors and the need for significant investment in infrastructure B and D the widely successful and only state bank in the US serves as a model through an innovative lending program the state of Vermont has taken up measured steps towards creating its own state-owned Bank and the potential benefits of a state owned bank can be measured through an economic impact study to critical independent feasibility studies about the public bank were completed for the state of Vermont and the city of Santa Fe New Mexico in so many ways in places around the world citizens are expressing the intention to reclaim wealth that has been siphoned from their lives and local economies by mechanisms of private capital control for far too long Wall Street has wreaked havoc on people's personal financial stability and our economic economy as a whole to highlight a couple of these bullet points after the mortgage fraud crisis of 2007 through 8 the biggest banks were slapped with 216 billion dollars in fines a drop in the bucket for firms that ranked in a cool 237 billion billion dollars last year alone emphasis in familiy not a single banker went to jail and state and city governments deposit their funds in these private Wall Street banks - this means that our tax dollars are underwriting tat Wall Street's most reckless investments Santa Fe and the state of New Mexico have also been trying to start a public bank in 2012 a group of Santa Fe residents began the first push of the public bank in Santa Fe according to the Alliance for local economic prosperity website the group of initial research if and how a public bank could address social and economic justice needs in New Mexico and inspired by the Pioneer work for civil rights lawyer / radio host author Craig burns launched the public banking initiative banking on New Mexico in 2016 a feasibility study was undertaken which led to of task force being created in 2017 according to the May 10 2008 the Santa Fe Bank public bank task force released recommendations with the following being the most important regarding the public bank initiative that instead of a standalone Santa Fe Public Bank the governing body move forward in participation with appropriate legislative and executive officials at the state level to investigate and if deemed appropriate develop a statewide public Bank which Santa Fe would participate stated on the Alliance for local economic prosperity website the task force found quote-unquote the city's cash resources were not sufficient to establish a chartered bank it goes on to state quote that the idea of a public bank at the state level was worthy of consideration unquote due to those recommendations from the task force the website states the leadership of the banking on New Mexico and the public bank for central New Mexico initiated planning meetings which led to the creation of the Alliance for local economic prosperity [Music] Santa Fe gave the idea of establishing a public bank a shop but a task force set up by City Hall has determined the startup costs and daunting legal regulatory obstacles would be too much to overcome the push for public Bank of Santa Fe was impressive the new group pushed for a new feasibility study on a statewide public bank but in that 2019 legislation stalled in the Senate Rules Committee also in 2019 a New Mexico House memorial was introduced calling for the same type of feasibility study but according to the website it has not been scheduled for a hearing [Music] the following items highlight why it is so appealing for a public bank bank of North America has added to the state's annual operating budget three hundred plus million dollars over the past ten years North Dakota community banks are thriving because of the partnerships of B and D being D originated or renewed 223,000 plus loans to state businesses projects and students B and D works actively to create successful new business founded in 1919 with 202 million dollars in capital B and D reported assets over seven billion dollars in 2017 lastly being d posted its 14th year of record our conclusion states that as a group we have decided and discussed the ideal scenarios and risks that come along with public banking we have concluded that with the help of the Alliance pan leek for local economic prosperity it will be successful we also agreed that we it would be helpful for them to make a statewide establishment and with the right support with time more awareness and cost analysis we believe that a legislation will eventually pass and this will confirm the net New Mexico public banking can be just as fruitful as B and D with the use of empirical methodology and ram2 we could find out the potential effects on the public banking in New Mexico by calculating state grossed output value-added earnings and employment future which is vital in this endeavor or Santa Fe or any New Mexico public banking system to ensure financial stability