Volunteers sought for public bank task force

Panel expected to help city leaders determine pros, cons of city-run facility

The city is looking for volunteers to serve on a task force that will help the City Council decide whether to start a public bank.

The nine-member Public Banking Task Force will include three members with financial or banking experience, two members with legal experience in public finance or banking, one member with federal and state regulatory experience in the banking industry, and two at-large members. An employee in the city Finance Department also will serve on the task force.

The city is asking applicants to submit a résumé and a letter of interest that briefly addresses their reasons for applying and their expertise in one of the required areas by June 9 to City Clerk Yolanda Vigil at yyvigil@santafenm.gov.

For more information, call the City Clerk’s Office at 505955-6521.

The concept of a public bank has been years in the making. Among other findings, a feasibility study completed in January found that the city could benefit financially if

it established a chartered public bank. The study, however, did not address the process or responsibilities in establishing a public bank.

Councilor Renee Villarreal, who sponsored a resolution that established the task force, encouraged anyone interested in serving to apply.

“At every step, [there] has been a groundswell from the community in support of exploring the public banking option for Santa Fe, as a way to invest more locally and make our money work better for our city,” she said in a statement. “So, it’s only fitting that the process moving forward be led by a group of dedicated and talented Santa Feans.”

She added, “We can’t wait to work with them to take the next leap.”

Mayor Javier Gonzales will appoint members of the task force with the approval of the City Council.

Task force members will have a big job ahead of them.

Their responsibilities will include working with experts in public finance, banking and law to examine regulatory constraints, investigating legal steps to establish a public bank and making recommendations on governance structures, capitalization options and other logistical details.

“The sole purpose of the Public Bank Task Force is to provide the governing body with the information needed to make an informed decision about the pros and cons of submitting an application for a New Mexico Bank Charter for a Public Bank of Santa Fe,” the resolution states.

Members will be required to attend six meetings over six months before they report their findings to the City Council.

The task force will determine the “procedures, timelines and requirements that would be necessary to establish a chartered public bank” and “make recommendations to the governing body in preparation for the governing body to make an informed decision,” the resolution states.