New Mexico saying ‘adios’ to big banks

New Mexico’s state legislature is moving quickly to move its money out of big financial institutions and turn it over to credit unions and community banks.

The state’s House of Representatives voted 65-0 this week for a bill that allows the state to move $2 billion – $5 billion of state funds.

The municipal funds bill still must be approved by New Mexico’s Senate but passage appears likely.

Governor Bill Richardson says he supports the legislation and will sign the bill if it reaches his desk.


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  1. giving-up-in-nc

    I am doing this myself. If you are sick and tired of the big banks running this country into the ground go to to find smaller regional banks with a “B” rating or better that you can move your money to.

    What you do with your vote may not matter much anymore but what you do with your money still does.

  2. griff

    Yeah, but then we’ll just have to keep bailing the big ones out. They’re simply too big to fail.

    We need to go after the biggest one, though. Unfortunatley we can’t take our money out of that one because they create it.

    We could do the same thing to reign in the corporations, if we had the collective will. But sadly, they’ve made it so there’s little choice these days.

    It’s real good what New Mexico has done. A lot of people got robbed by the derivatives scheme.

  3. Carl Nemo

    This is probably the most refreshing proactive piece of legislation sponsored by a state government or anywhere else for that matter in ages.

    I wish there was a groundswell movement nationwide for all state governments along with major institutions to do the same. Non-government institutions have vast amounts deposited in the so-called big banks.

    Ah, finally something that’s made me smile for a change; ie., revolutionary action that possibly breaks up or destabilizes the status quo. : )

    Carl Nemo**==