The New Mexico state legislature is one step closer to “moving their money” out of the big banks and into community banks and credit unions.  This week, they passed a bill 65-0 to allow the state to move between $2 billion -$5 billion in state funds into credit unions and small banks.

Supporters of the bill mentioned the impact of the the “Move Your Money” campaign started by Arianna Huffington and the campaign’s overall message of taking business to local institutions rather than supporting the big banks as they continue to lobby against financial reform.  The founder of the Huffington Post has been promoting this campaign by asking individuals, companies, and states to move their money in an attempt to make a political statement with their wallets.  The Huffington Post reports that thousands of Americans have already joined the campaign and moved their money.

It is expected that the big banks, who have traditionally controlled state money, will quietly lobby against the implementation of this bill in their hope to stall or defeat this measure.

For reporting on the vote from the Credit Union Times, click here.

For more information on how to “Move Your Money” and ask your state’s government to do the same, click here.