PUBLIC BANKING ACT

HB 130, the Public Banking Act, establishes the Public Bank of New Mexico as a state-created financial institution governed by an 11-member board. The board includes members appointed by the legislative council and governor with specific expertise in banking, community development, and state economic roles, while prohibiting conflicts of interest. The bill creates a State Banking Fund to manage the bank’s assets, authorizes lending and investment activities aligned with community development goals, and requires quarterly reporting to legislative committees. It does not directly affect specific residents or businesses but sets the operational structure for a new state-run financial entity. The bill is currently pending after being postponed indefinitely in June 2025.