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but i put a bunch of links in our chat if you want to just copy and paste those um onto a document you'll have those and um to reiterate what charla said um if you could follow us on instagram twitter and facebook just sharing uh the you don't have to write anything original but if you just share with your networks that helps amplify claudia's message and really get it out there hi paul hi you got things working that's great um so what we're going to be doing is we're going to have every not everybody but claudia paul and day will be introducing themselves and then they'll be having a discussion around um issues with public banking and then as you have questions if you'll type them into the chat box i will monitor that and then at the end as there's time i will ask those questions um of the the panel so that we can answer everything that you want to know about public banking so i think the next thing that we're going to be doing is i'm going to ask claudia to introduce herself hi everyone claudia eisner democratic candidate for senate district 19 in case you didn't get the memo um thanks so much for joining us today i'm really interested in this topic you know when i heard about public banking i thought well you know the public can go to any bank but it's a little more complicated than that and there's a lot to it so i am so flattered and honored to have representative damon huckman v hill and mr paul stool here today with the credit union association of new mexico you two know a lot about public banking and i think this is going to just take off and like so many areas here in new mexico we can be a green leader we can be a leader following behind north dakota on taking i'm keeping more of our economic resources here in new mexico so this is just another wonderful area that we can help recover from covid support our small businesses and take our appropriate leadership role in in in the us so i'm thrilled to be here i don't want to talk anymore we've got some real interesting speakers let's move right on to them thanks everyone for joining us so paul thank you very much claudia uh you you started off great with uh it's called a public bank but the public can't use it uh it it's a little bit of a misnomer uh it's a public bank because it's owned by the public not because it serves the public and what we mean by that can't walk in the door and open a checking account or take out an auto loan it's not that kind of bank there are no drive up windows and probably they'll only be one location so it's not very convenient if you were the public but for the state of new mexico it would be extremely convenient currently the state of new mexico takes all of the money that it has in excess of what they're going to spend and invests it in wall street banks and investment companies and when they do that those companies go out and in turn put our money new mexico's money to work in communities across the world to finance shopping centers and and all kinds of things uh but those shopping centers and those businesses that they finance are not in new mexico so our money is going to help the economy of other places in the world and other places in the united states a public bank allows us to keep those funds that we're currently giving to wall street right here in new mexico it's a wonderful idea because the money that goes to wall street now could be put into doing things that we desperately need in new mexico the number one thing is to create jobs how do we create jobs with a public bank well we invest in new mexico we invest in housing where it's needed we invest in small businesses we invest in schools in health care facilities in bringing broadband into rural communities all kinds of things that new mexico needs and right now the money that could finance those projects well it's just not here it's not working for us in new mexico it's working for other communities all around the world it's working for wall street bankers when they return an investment fee to their shareholders but it's not working for new mexicans it's the way the business has always been done but now for the first time we have an opportunity to run our own bank which means we're kind of like lending our own money to ourselves it's kind of like if you have a small savings account and rather than pay a finance company to buy a washer or a dryer or some appliance uh you would take the money out of your savings account buy it now and then pay it back to yourself and it's a way to make a sustainable difference in new mexico and sustainability is what we're all about with the public bank in other words it's not a project we're not just doing this one time to solve an issue we are making this an ongoing investment in new mexico because each time the funds from a project get paid back into the bank to pay off the loans that money gets available again to be reinvested so it's kind of a uh i know i was talking with you the other day it's kind of a mobius loop uh the money that we have goes into our communities the communities grow jobs jobs create a bigger tax base and that brings money back into the bank again currently the way it works is the tax money goes to wall street and it doesn't come back so there's no loop it's not a circle so i don't view it as sustainable and sustainable is really a green property something that you know can go on indefinitely it's not something that just gives you a benefit once it makes permanent changes and that's what we need in new mexico our permanent changes to help us move forward one time projects are great but they don't continue to solve the problem it would be nice to think that a one-time project could solve every housing issue in new mexico but we know very well that's not going to happen these housing issues will continue uh to come up just as people come up through new mexico to grow businesses to grow jobs they'll need more housing and we continue to do that through the public bank and it's a a great way to harness new mexico's power and use it right here in our state i know that's kind of a long explanation uh but that's what a public bank does that's that's very good that's a very good thorough explanation you know you said that sustainability is a green property referring to kind of the environment but frankly it's our greenbacks too so i see it working here for public banking um you've said some real positive things why don't we have public banking who is against it well i don't really know that anybody is against it except for maybe the wall street investment bankers because it makes it a little bit harder for them to return a dividend to their shareholders now we don't have anything against uh returning a dividend to shareholders that's certainly fine it's a common practice that goes on but it just cuts new mexico out of the investment that goes elsewhere um we like new mexico we live here we want the jobs here we want the housing here we want there here i'm sure that there are communities across the country and around the world that need all of those things but hey why don't we get our own uh investment right back in new mexico so probably the investment bankers wouldn't be too happy with that idea outside of that i'm not quite sure who would be negatively impacted uh because as the state goes all of us go we all share the economy we all share in the things that the public bank can do there are a great many things that the public bank can bring a power to bear on and those are things that we have long been in need of in new mexico uh health care is one that you might think well how is a public bank uh going to impact health care well the public bank could invest in a facility like a building maybe on on tribal land somewhere i outfit it with the necessary equipment we know we already have practitioners that would probably go there to work but there's nowhere for them to work there isn't a facility available public bank could invest in that it would create new jobs provide new services to people that need health care in some of the most rural parts of new mexico the public bank could also be directed by our own legislature our elected officials the elected officials might say we've identified six communities in new mexico where we know housing is a problem we would like you public bank to put together a program to lend money in those communities the bank would put the program together would recruit local credit unions and community bankers to make that money available and it would address the housing issues in those six communities and it would be very easy to demonstrate success because we'd have numbers the legislature could hear back knowing that we'd built 300 houses or whatever the number might be but there would be great accountability right now that accountability is just kind of what it is which doesn't track back to investing uh taxpayers money in new mexico though there are many great things that could be done the list is almost limitless and because of that i don't think that there would be a lot of folks that would be opposed to the idea giving yourself a loan is pretty good you're probably a good creditor and i think that almost anybody would think that investing in new mexico you can't go wrong thanks well i'd like to turn it over to representative day hoffman v hill please introduce yourself not everyone here knows you and you're just doing a spectacular job and we'd love to hear your thoughts on public banking thanks so much claudia hi everybody so um my name is day hawkman v hill my full name is diane but i go by day and currently um i am the new mexico state representative for house district 15 which is the um northeast heights north valley and one precinct on the west side of albuquerque i am still in my first term i was elected as part of the blue wave of amazing cake but women who were when it went up and and um answered the call for political office in 2018. um i you know known sharla for several years she and i have come up through the ranks together through the democratic party of new mexico and she helped get me elected in 18 and she's an incredible woman and she asked me to speak to all of you on the topic of public banking because i was involved in running what's called the house more house memorial uh in the 2019 legislative session uh to create a public bank and so i'm gonna focus uh a lot of my comments on that experience and um what we could potentially expect if we were to run either a memorial or actually an actual bill um a second time around so um in 2019 it was a much different atmosphere than than where we find ourselves now um we had all these fresh amazing energized faces uh we had tons of money sky is the limit we were going to change everything in new mexico um and we brought the memorial which was uh quickly quashed by the um large and deep lobbyists um contingent up in in santa fe for the um privatized banking networks which is actually unfortunate and i'll talk about this on a little bit because i think that the topic of public banking is has largely been misunderstood as to how it can be leveraged as an asset to work with our private banks and you know co-ops and credit unions to actually cover all the credit needs that our state has so it didn't go anywhere as a memorial but that's actually okay and the reason why is unfortunately we find ourselves in the era of covet now we went from having unprecedented budgetary surpluses to unprecedented budgetary shortfalls we our economy changed overnight both on a state and a national level and um all of a sudden you know we had the federal government implementing programs like the pay paycheck protection program uh we just went into the special session in june and we passed the small business recovery act which allows for about 400 million dollars from the state severance tax permanent fund to be given in low-interest loans to new mexico businesses who may not qualify for the ppp program or for whatever reason are unbankable or unbanking and just you know could not gain access to these resources while they uh lasted so um the topic of the public banking of a public bank i think has found itself shoved in the limelight and that uh what the potentiality could be for public bank in uh like a the covet era so what that means uh in actuality i'll try and translate that is all of these loans that um we are trying to make available for our small businesses and uh were screwed up so badly by the federal government without and implementing practices of the ppp could have been um expressly taken on by a public banking system and rolled out in probably a much more efficient um and a logical way and so even though i think a public bank is a good idea because it again it's an implementation it is a tool that can be used and integrated with uh you know private the private banking industry to cover all of the credit uh needs of the of our state and the people in our state right now we find ourselves in a great uh position in that we can advertise what a public bank system could do for new mexico now and that means bring equitable relief to new mexicans who are finding themselves in a position where they're losing their businesses they're potentially losing their homes they can't feed their families and a lot of the private banks either for whatever reason because you know their first their first priority um by law actually it has to be their shareholders because they're a private bank um could actually pass on some of these higher risk loans um to something like a public bank because we have the freedom of um you know allowing uh a public like to take on that liability instead of pushing that onto private banks which um you know actually could not take that on in the best interest of their shareholders so um this is exactly the right time for this and so when i was consulted earlier um you know should we bring the memorial back uh i think we should bring a bill memorials for the for those of you who who you know may not know the difference or don't have um as as uh greater the grasp of the new mexico legislative process you usually bring a memorial in the case when you want to study something and you want to see whether or not it's a feasible policy change to make within um you know the state so a memorial says hey we think this might be a good idea let's put a little bit of money towards studying it and then let's produce a report and then let's see if we want to translate into a bill so we're really lucky that we have a lot of data from states like north dakota and their implementation of the public bank that tells us that especially now this would be a good idea and i think that just you know public it's good public policy right now i think that we have a lot of supporters who can come up to the legislature um or you know and testify it'll probably be over zoom the speaker of the house slipped the other day on an interim meeting and admitted that we're probably going to be legislating by zoom in january this coming year so um i don't know if you meant to do that but i'm i'm sure it's not too far off uh something to expect but we have people come and testify you know if i had had access to a ppp loan as uh provided through a public banking system you this would have saved my business this would have saved my family and it would have saved my home that's really powerful stuff and that's exactly the inertia that we need behind this idea to kind of you know get through some of the reservations that were expressed before also i think it's incumbent upon people like um all of us and me to actually talk with the private banking industry and let them know that uh this actually is not a threat this is this would actually help supplement the credit needs throughout the state of new mexico help give them an alternative to riskier loans that they may not want to take on themselves so that we can kind of get the opponents to back off a little bit and even turn them around i love doing i love doing stuff like this i represent a swing a swing district and i have to work across the lines all the time and i just love passing bipartisan policy so um if anybody you know has any comments or questions about the process please feel free to reach out to me i would love to help and thanks for and also th nks for inviting me on today claudia this is i'm really happy to be here so we have tons of questions started coming into the um chat but paul i wanted to give you a chance if there's anything you wanted to add to that before the q a if any i think probably like she probably sparked a few things that you i saw you go oh yeah so anyway would you like a couple minutes to add that was i mean i i'm very pleased that uh that there is that level of understanding uh we've been working with a think tank the alliance for local economic prosperity they have really kind of done the study in the memorial and they have gotten so far as to have created a pro forma and currently a bill is being drafted that we are ready to introduce in the next legislative session so we welcome that support uh we also know that a public and private partnership between credit unions and community banks and the public bank will do more for new mexico because banks and credit unions now can leverage dollars the public bank would be able to guarantee loans but also be able to lose through those community banking institutions and that really kind pulls and triples every dollar back into the state of new mexico so those are really strong reasons to do this and i love the idea bringing folks to the legislature who could have benefited from a public bank if we'd had it online uh during the cove crisis but just because we didn't have it online this time doesn't mean we can't be ready for the future and there is absolutely no shortage of need in new mexico to improve jobs to economic development and that's why the credit of new mexico i and i'm the president chief executive officer of the credit union association of new mexico we support this we have endorsed the idea because we believe the stronger new mexico is the stronger our ability to help communities and credit union members it goes hand in hand so the public private partnership between banks credit unions and the public bank is a very powerful combination and our state legislator definitely gets that idea and that's that's what we're very excited about so that will you know i uh those were just great comments that we heard from day and uh and i really appreciate her enthusiasm to want to move this forward i'd like to take just a minute paul since you brought up affleck sarah manning are you still on board sarah yourself there we are hi please introduce yourself take a minute and tell us about this wonderful thing tank wonderful i'd be happy to um the alliance for local economic prosperity is a long unpronounceable title but it really says what we're trying to do um this is this group was made up of basically um several groups around the state all of which have been working for establishing a public bank in new mexico but we decided it was time to merge and really just focus on having a state bank for the first time and so we have followed we we studied in the very beginning we started studying the bank of north dakota which has been around for over 100 years now and that bank has had an amazing impact on north dakota north dakota and new mexico are fairly similar we're both border states we have large native populations we have oil and gas we're rural we don't have really big cities uh we've got wide open spaces and the wind blows all the time so there's a lot of similarities on low population basically per square mile and what the bank of north dakota has been able to do is nurture its economy by using its local banks is such a degree that there are more local banks community banks and credit unions in the state of north dakota per capita than anywhere else in the country their population is a little bit less than ours they have many more big community banks we currently have 34 community banks in the state that's down in the last 20 years we've lost about 20 banks that's losing about one bank a year because they get bought up by larger interstate banks and then when they get bought up they lose the ability to make decisions at the local level so the the money is leaving the stage and the decision-making capacity is also losing uh moving out of the state and what we really want to do is change that we want to have an environment that is much friendlier for our community banks and credit unions so that there will actually be fewer unbanked communities but everything that i have heard people talk about what paul said is absolutely correct um they you were very correct on the experience in the legislation last year uh last time around we are doing a um a bill that would establish a state-owned public bank and it's our anticipation that the state bank will start small and over time get larger so we're not going to take all the money that comes that is being managed now by the sic the state investment council and take it away from them and put it into the state bank we're gonna with a small amount probably coming from the land grant permanent trust fund um and that will be what capitalizes the bank then the state will begin diverting small amounts of money um to begin with small meaning fifty thousand excuse me um yeah uh 550 million uh to start with um and that would start cap being able to help be deposited into the local banks and then they'd be able to have a greater pool from which they can make loans and we're not trying to get rid of all bonds but the advantage of the public bank is that it does not have advertising it does not have atms it does not have branches it does not have massive employees so its overhead is much cheaper which means that it can make loans to other banks much more chiefly so they can pass that saving bond to their consumers and the industries and the public that they serve thank you so much sarah and my pleasure please in the chat put it in your website so people who might be more interested in finding out information about what you're doing you can go to your website okay all right sandy take it away for questions um if you don't mind just really quick before we start did you um sorry i was answering a question on my text about tech did you just bring up day's stuff no okay great so representative pogba hill at this moment if you would like to put remember that day is also running for her own office in house district 15. so if you are interested in helping her out at all day if you wouldn't mind put your website your donate link any upcoming uh events that you have coming up if you wouldn't mind putting them in the chat we'd be so happy to have any supporter support for you as well absolutely thank you sharla all right you guys thank you charlotte the consummate campaign sandy i don't envy you right now you've got about a million questions in the chat so i'm going to hand it to you okay okay and these are fabulous questions thank you so much for putting those in um and let's see the first one k monaco was on this how long has north dakota had a public bank has there been an analysis of what the impact has been in north dakota and why haven't other states done this paul maybe you want to take this yeah i know sarah could answer it but paul or day sure i i don't uh i'm not an expert at the north dakota bank i know that it's been in existence for over a hundred years um it has provided revenue to the state of north dakota uh it does have revenue in excess of its expenses though it does return an investment or dividend to the state of north dakota and i believe that north dakota has had the opportunity to maintain many of its community banks and credit unions where other states have lost those partners and one of the biggest uh engines that drives economic development in any state are local financial institutions they know the state's needs the best and they know how to invest in their own state so that that's my north dakota uh today you may have some other information so