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Progressive Saving Incentives

Move Your Money: Investing Public Money in Local Banks and Credit Unions to Spur Growth

In an effort to stimulate local economic growth and free up credit markets, New Mexico Sen. Tim Keller and Rep. Brian Egolf introduced HB66, which would require the state to give preference to community banks and credit unions to manage the state's general fund operating cash depository account.  Currently, Bank of America holds the $1.4 billion account. 

Helping Poor and Working Families Build Financial Assets

By one estimate, the federal government spent over $367 billion in 2005 aloneon subsidizing Americans' retirement savings and tax breaks to build upother assets like buying a home.  Unfortunately, those subsidies gooverwhelmingly to those Americans who already have high-incomes; almostnone of it goes to the poorest Americans who need the most helpbuilding the financial assets that can lead to long-term economicopportunities and security.