I wish more states would do this, since the feds haven’t done a damned thing to punish the banks:
New Mexico’s House of Representatives voted Monday to pass a bill that allows the state to move $2 billion – $5 billion of state funds to credit unions and small banks.
The municipal funds bill was approved 65-0, and is subject to a vote by New Mexico’s Senate. Governor Bill Richardson told the bill’s sponsor that he supports the legislation.
Credit Union Times spoke to one banker who believes that the bill got a boost from Huffington Post’s Move Your Money campaign:
The altered view of New Mexico lawmakers in favoring local control of state funds, officials said, follows national mention of the New Mexico effort in the “Move Your Money” campaign of New York pundit Arianna Huffington in her online Huffington Post columns.