Update from New Mexico-FSNM
Last week New Mexico’s House of Representatives passed a measure to move state funds out of big national banks and into community banks and credit unions. The bill cleared the first hurdle in the state Senate, passing unanimously out of the Corporations and Transportation Committee, reports Jim Rubenstein for the Credit Union Times:
The House-passed, anti-big bank public funds bill geared to funnel $5 billion in state funds into credit unions and community banks cleared a new hurdle this week in the New Mexico Senate.
The measure, which lately has drawn national media attention because of its sentiment against Bank of America and Wells Fargo, was unanimously vote[d] out of the Senate Corporations and Transportation Committee Wednesday night.
The proposed bill is now before the Senate Finance Committee and once it makes its way through that panel the next step will be the Senate floor eventually heading to Gov. Bill Richardson who is expected to sign it, said a spokesman for the Credit Union Association of New Mexico.
