News & Announcements
Public-led group will forge path forward for public banking in Santa Fe – Apply by June 9th
The City of Santa Fe is calling for members of the public interested in serving on the inaugural Public Banking Task Force to submit a resume and a letter of interest that briefly addresses their reasons for applying and their expertise in one of the required areas, detailed below.
The Public Banking Task Force is charged with determining the “procedures, timelines and requirements that would be necessary to establish a chartered public bank and to make recommendations to the governing body in preparation for the governing body to make an informed decision."
The Task Force was established by Resolution 2017-32, introduced by Councilor Renee Villarreal and co-sponsored by Councilors Maestas, Dominguez, Ives, Lindell and Harris.
According to the resolution, "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.”
Members of the Task Force will be appointed by the Mayor and approved by the Governing Body, and will work with experts in the legal, public finance, and banking fields to examine regulatory constraints, map out steps to establish a public bank, make recommendations on structures, capitalization and other logistical details, and more. Service on the Task Force will require a presence at 6 meetings in the 6-month time frame in which the Task Force will work before it reports its findings to the Governing Body.
Councilor Villarreal said, “At every step, this 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. So it’s only fitting that the process moving forward be led by a group of dedicated and talented Santa Feans.
She added, "I’d encourage anyone interested in this issue to apply, and we can’t wait to work with them to take the next leap."
The Task Force will consist of 9 individuals, including:
1 member of the Finance Department
3 members with financial and/or banking experience
2 members with legal experience in public finance or banking
1 member with federal and state regulatory experience in banking industry
2 at-large resident members
More detail on the membership requirements, mission and charge of the task force can be found in the text of the full resolution, at: http://www.santafenm.gov/archive_center/document/17474
Interested parties should send the requested information on or before June 9th to City Clerk Yolanda Y. Vigil, at [bot protected email address], or call (505) 955-6521 for more information.