More change from the states: New Mexico joins the Move Your Money campaign

[Joanne98]

For OpEdNews: Ross Levin - Writer

Yesterday, the New Mexico House of Representatives unanimously decided to move the state's money into small banks and credit unions, becoming yet another example of the fact that progressive change will not come from the top down.

In the context of the larger movement against the greed and irresponsibility of Wall Street, this is a dramatic repudiation of that behavior from a somewhat unexpected source.

The bill enables a possible switch of $2-5 billion of state funds into CUs and small banks.


If enacted, the municipal funds bill, in the works since last year and still subject to a Senate vote, would represent a setback to large national banks, like Bank of America and Wells Fargo, which have had a lock on such funds.

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.

The bill has two steps to take until it becomes law: first, it must pass the New Mexcio Senate. Then, it must be signed by Governor Bill Richardson. Fortunately, it does supposedly have Richardson's support. Once it becomes law, it will not require an immediate transfer of all of the states money, but,

Egolf's bill would direct the New Mexico Department of Finance and Administration to "give a preference to a community bank to act as the fiscal agent of the general fund operating cash depository account."


According to the Huffington Post - which has been one of the primary promoters, along with Arianna Huffington herself, of the Move Your Money campaign - the state's checking account has a value of about $1.4 billion and is currently managed by Bank Of America.

In the same way that states are taking the lead on single payer health care, it seems that states and local governments are taking the lead in the fight against Wall Street corruption. Mayor Michael Bloomberg of New York has pledged to put a small amount of the city's money into "neighborhood credit unions," and in Oregon gubernatorial candidate Bill Bradbury is proposing a similar move.

http://www.opednews.com/articles/More-change-from-the-state-by-Ross-Levin-100210-147.html

[zalinda]

1. What's amazing

is that no one voted against it.

zalinda

[Hugin]

2. Cheers!

Thanks for some good news. :)