A bill brought by Rep. Brian Egolf, D-Santa Fe, to give preference to local banks in putting state funds in local banks instead of national banks cleared the Senate Corporations and Transportation Committee last night. The bill gained national attention when it passed the House earlier this week.
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.
Now the bill heads to the Senate Finance Committee, the final obstacle for the bill before hitting the Senate floor. If the bill passes the Senate without changes, it will be sent to the governor’s desk.