Santa Fe task force plans to not recommend city public bank

SANTA FE, N.M. (AP) — A draft report indicates that Santa Fe's public bank task force will not recommend for the city to move forward with the establishment of a bank. The Santa Fe New Mexican reports the task force, which met Tuesday to edit its final report, is planning to recommend for the city council to work with New Mexico officials to explore the possibility of a state public bank. The report says a city bank would likely be swamped with legal and regulatory hurdles. It says possible benefits would likely be "marginal and at worst would carry risk of non-viability because of the relatively small scale of the city's financial means." The report notes a public bank would ensure the local investment of public dollars, ultimately aiding community projects and small businesses. ___ Information from: The Santa Fe New Mexican, http://www.sfnewmexican.com