In an effort to stimulate local economic growth and free up credit markets, New MexicoSen. Tim Keller and Rep. Brian Egolf introduced HB66,
which would require the state to give preference to community banks and
credit unions to manage the state's general fund operating cash
depository account. Currently, Bank of America holds the $1.4 billion account.
As this Dispatch will highlight, the first step is to fund jobs
that support long-term economic competitiveness, notably by investing
in people and physical infrastructure. While the economic climate for
profit-making business opportunities is more limited, investments in
education, health care, transit and energy efficiency can create
immediate jobs while strengthening building blocks for long-term
By one estimate, the federal government spent over $367 billion in 2005 aloneon subsidizing Americans' retirement savings and tax breaks to build upother assets like buying a home. Unfortunately, those subsidies gooverwhelmingly to those Americans who already have high-incomes; almostnone of it goes to the poorest Americans who need the most helpbuilding the financial assets that can lead to long-term economicopportunities and security.