N.M. House votes to move state funds from big banks to small banks

The New Mexico House voted 65 – 0 Tuesday to reinvest state money from big banks to community banks.

According to the Credit Union Times, the bill could move about $2 to $5 billion in state funding from national banks, such as Bank of America and Wells Fargo, to New Mexico banks and credit unions.

Despite support for the bill, the C.U.T. reported that it may may face quiet opposition from the national  banking lobby that may try to stall or defeat the measure in New Mexico’s Senate.

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