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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