summary
Introduced
01/18/2022
01/18/2022
In Committee
Crossed Over
Passed
Dead
02/17/2022
02/17/2022
Introduced Session
2022 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; PROVIDING PENALTIES; MAKING AN APPROPRIATION.
AI Summary
This bill establishes the Public Bank of New Mexico, a public body corporate and governmental instrumentality. It creates an 11-member Board of Directors to govern the bank, with members appointed by the New Mexico Legislative Council and the Governor, as well as ex officio members like the State Treasurer. The bank is empowered to make various investments and loans, pursue policies to develop loan programs for public benefit, and avoid conflicts of interest. The bill also creates the State Banking Fund to administer the bank's finances. It requires the State Treasurer to deposit $60 million into the bank upon its incorporation, and appropriates $50 million from the general fund to capitalize the bank.
Committee Categories
Business and Industry
Sponsors (2)
Last Action
House Commerce & Economic Development Committee (13:30 1/31/2022 Room 317) (on 01/31/2022)
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/Legislation/Legislation?chamber=H&legtype=B&legno=75&year=22 |
| BillText | https://www.nmlegis.gov/Sessions/22%20Regular/bills/house/HB0075.pdf |
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