Pub. 14 2017 Issue 1

O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S - H E L P I N G N E W M E X I C O R E A L I Z E D R E A M S 8 EXECUTIVE VICE PRESIDENT’S MESSAGE JOHN W. ANDERSON, EXECUTIVE VICE PRESIDENT New Mexico Bankers Association It is fair to say that New Mexico’s economy is not robust. In fact, the New Mexico state government must come up with at least $700 million in the very near future. Spending in the fiscal year 2017, which began July 1, 2016, is expected to exceed revenue by $450 million. W e are told that the Locrians, a people from a city-state in the central part of ancient Greece, had an interesting method of keeping legislat ive bi l l introduct ion within reasonable bounds. The rule was simple. If anyone wished to propose a new law, or to change an old one, he had to argue the matter before the Council of One-Thousand, with a rope around his neck. If the council voted against his bill or proposal, he was choked to death on the spot. In Athens during this same period, at any time within one year, the introducer of a bill was subject to indictment for unconsti- tutional legislation—and, at the trial, his life could be forfeited if he was unsuccessful in defending both the merits of his proposal and the procedure followed in securing it in- troduction and passage. Needless to say, in both these city-states, the quality of legislation introduced was very high and the quantity very low. Based on the volume of legislation intro- duced in the 2017 Legislature and in Con- gress, it is not clear to me that either body was aware of such ancient legislative history. State: The 2017 Legislature adjourned at noon on Saturday, March 18 having considered 577 House bills, 538 Senate bills, 50 Joint Me- morials, 271 Memorials and 43 Constitution- al Amendments during the sixty-day session. There were 277 laws passed by the Legisla- ture and sent to the Governor for her review. In the final days of the session, the Legisla- ture ultimately approved a $6.1 billion budget and a $350 million tax package. Much of the tax bills’ revenues will be utilized to balance the 2017-18 state budget. The tax package would raise additional revenue by raising tax rates for commercial trucks, online sales and certain hospitals. It would also increase the John Gulas, John Anderson, Mrs. Gulas, Jon Hitchcock, Congresswoman Michelle Lujan-Grisham, Jay Jenkins, Joan Gregory Saenz, Lonnie Talbert and Jason Wya�