summary
Introduced
02/01/2021
02/01/2021
In Committee
Crossed Over
Passed
Dead
03/20/2021
03/20/2021
Introduced Session
2021 Regular Session
Bill Summary
AN ACT RELATING TO PUBLIC FINANCE; ENACTING THE PUBLIC BANKING ACT; CREATING THE PUBLIC BANK OF NEW MEXICO; ESTABLISHING A BOARD OF DIRECTORS AND THE STRUCTURE OF THE PUBLIC BANK OF NEW MEXICO; PROVIDING DUTIES; PERMITTING CERTAIN INVESTMENTS; PROHIBITING CONFLICTS OF INTEREST; CREATING THE STATE BANKING FUND; REQUIRING THE STATE TREASURER TO DEPOSIT AND MAINTAIN A CERTAIN AMOUNT OF PUBLIC MONEY IN THE PUBLIC BANK OF NEW MEXICO; REQUIRING A CERTAIN AMOUNT OF THE SEVERANCE TAX PERMANENT FUND TO BE INVESTED IN THE STATE BANKING FUND; PROVIDING PENALTIES.
AI Summary
This bill establishes the Public Bank of New Mexico, a public body corporate and a governmental instrumentality that will be chartered under federal law. The bank will be governed by an 11-member board of directors appointed by the legislature and the governor, and will have a chief executive officer and chief risk officer. The bank will be able to make various investments and loans, including to state-chartered or federally-chartered lending institutions, political subdivisions, and non-profit organizations. The bill also creates a State Banking Fund to administer the bank's operations, and requires the state treasurer to deposit $50 million into the bank and the state investment officer to invest $50 million from the Severance Tax Permanent Fund into the State Banking Fund.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Sent to STBTC - Referrals: STBTC/SFC (on 02/01/2021)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nmlegis.gov/lcs/legislation.aspx?chamber=S&legtype=B&legno=313&year=21 |
| BillText | https://www.nmlegis.gov/Sessions/21%20Regular/bills/senate/SB0313.pdf |
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