{"id":17053,"date":"2016-01-28T11:38:49","date_gmt":"2016-01-28T16:38:49","guid":{"rendered":"http:\/\/olduvai.ca\/?p=17053"},"modified":"2016-01-28T11:38:49","modified_gmt":"2016-01-28T16:38:49","slug":"santa-fe-moves-a-step-closer-toward-creating-city-owned-public-bank","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=17053","title":{"rendered":"Santa Fe Moves a Step Closer Toward Creating City-Owned Public Bank"},"content":{"rendered":"

SANTA FE MOVES A STEP CLOSER TOWARD CREATING CITY-OWNED PUBLIC BANK<\/a><\/span><\/h3>\n
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Significant savings of taxpayer dollars and sizable predicted profits were just two of the positive results of a 10-month study undertaken by the City of Santa Fe, New Mexico,\u00a0moving the city one step closer<\/a>\u00a0toward creating America\u2019s first new publicly-owned bank in almost 100 years.<\/p>\n

The study concludes<\/a>\u00a0that a public bank for the city is both feasible and would have a positive financial impact of over $24 million for the city over a seven-year period.<\/p>\n

\u201cWhile the findings are impressive, they don\u2019t surprise us \u2013 publicly-owned banks are inherently more efficient and profitable\u201d than private banks, said Walt McRee, Chair of the Public Banking Institute, \u201cand this study adds powerful new evidence that civic policy makers across the country should be paying attention to.\u201d<\/p>\n

Santa Fe\u2019s study was initiated to investigate an alternative to lagging city finances, a common reality of municipal managements around the country. The U.S.\u2019s only public bank, the Bank of North Dakota, \u201chas demonstrated in numerous ways that a public bank can help local governments greatly improve the financial climate of their communities,\u201d McRee added.<\/p>\n

Lead consultant Katie Updike, a former manager for the U.S. Farm Credit System and the Bank for Cooperatives, headed up the study with the assistance of Dr. Christopher A. Erickson, a professor of economics, applied statistics, and international business at New Mexico State University and an analyst at Arrowhead Center, a business development organization in the state. The authors write that a public bank in Santa Fe \u201chas the potential to provide enhanced fiscal management, improved net interest rate margins, and a more robust local lending climate.\u201d<\/p>\n

“The projected fiscal and economic impact to the City exceeds $24 million in the first seven years, based upon assumptions of how much of the City\u2019s deposits are deployed in self-funding and reduced collateral programs,” the authors conclude.<\/p>\n<\/div>\n

…click on the above link to read the rest of the article…<\/p>\n","protected":false},"excerpt":{"rendered":"

SANTA FE MOVES A STEP CLOSER TOWARD CREATING CITY-OWNED PUBLIC BANK Significant savings of taxpayer dollars and sizable predicted profits were just two of the positive results of a 10-month study undertaken by the City of Santa Fe, New Mexico,\u00a0moving the city one step closer\u00a0toward creating America\u2019s first new publicly-owned bank in almost 100 years. […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[12035],"class_list":["post-17053","post","type-post","status-publish","format-standard","hentry","category-economics","tag-matt-stannard"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/17053","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17053"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/17053\/revisions"}],"predecessor-version":[{"id":17054,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/17053\/revisions\/17054"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17053"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17053"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17053"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}