Fri, 16 December 2016
In January 2017, the Santa Fe City Council will vote on whether to appoint a public bank task force. Such a task force would consist of both city finance officials and local bankers and financiers, all appointed by the mayor.
A public bank would be owned by the City of Santa Fe, and run by professional bankers. The city itself would be the bank’s sole depositor and lender.
Public bank proponents see the bank as a way to keep city funds and the interest on those funds inside the community. Critics, however, are saying that the city should explore other, more efficient ways to invest its money.
KSFR caught up with James Lodes for a more critical perspective on the public bank. He’s a retired loan officer who also served on a regional planning committee in Ohio. He now lives in Santa Fe, and wrote an editorial in the Santa Fe New Mexican that criticized Santa Fe’s move toward public banking.