New Mexico State Legislator Introduces Bill To Move State's Money

New Mexico state representative Brian Egolf has introduced a bill to move the state's money out of Bank of America and into banks and credit unions chartered in New Mexico. "I saw the Move Your Money video the day it came out and thought it made a lot of sense," Egolf told HuffPost. So the Santa Fe Democrat wants to move as much money as he possibly can -- that would be $1.4 billion. Egolf's bill would direct the New Mexico Department of Finance and Administration to "give a preference to a community bank to act as the fiscal agent of the general fund operating cash depository account." Egolf said the account, which is essentially the state's checking account, holds $1.4 billion and is managed by Bank of America. Egolf's bill directs state officials to study the feasibility of dividing up the account and distributing it between community banks and credit unions throughout the state. He said he discussed the measure with Gov. Bill Richardson (D) for an hour on Thursday, and that the governor supported the measure...read more