A bill by Rep. Brian Egolf, D-Santa Fe, that would require that the state put its money in local banks instead of with national banks like Bank of America, where the money currently is, has reached the big time thanks to the Huffington Post. The bill passed the House Tuesday on a 65-0 vote.
HB 66, State Funds in Community Banks, would “give preferential treatment to New Mexico community banks when bidding for the state fiscal agent contract by requiring the Department of Finance and Administration (DFA) to multiply the lowest bidding community bank’s bid price ‘by a factor of .9.’” according to the fiscal impact report.
“The goal needs to be moving away from Wells Fargo and Bank of America. They get enough help. Now it’s time to help local banks,” Egolf told the Santa Fe New Mexican in January.
The bill, which was previously profiled by Huffington Post, will now head to the Senate.