FOR IMMEDIATE RELEASE

March 26, 2025

Contact: Bushra Elfarissi

(505) 819-8887

Bushra.elfarissi@sto.nm.gov

New Mexico State Treasurer Laura M. Montoya Decries Federal Funding Freeze, Cuts to Life-Saving Programs

Treasurer Montoya calls on President Trump and Republican lawmakers to abandon federal funding freeze, warning of devastating impacts on vulnerable communities

Santa Fe – This morning, New Mexico State Treasurer Laura M. Montoya joined Colorado State Treasurer David L. Young, Oregon State Treasurer Elizabeth Steiner, and Delaware State Treasurer Colleen C. Davis for a national press call denouncing President Trump, Elon Musk, and House MAGA Republicans’ federal funding freeze.

If seen through, critical life-saving programs such as Medicaid would be at high risk of significant devastation, placing a disproportionate burden on local and state governments to offset the inevitable damage. New Mexico is the top recipient New Mexico is the nation’s largest recipient state for Medicaid assistance, with the federal government paying 72% of the cost of traditional Medicaid. Nearly 33% of New Mexicans rely on Medicaid or the Children’s Health Insurance Program (CHIP) to cover their health care. Addressing the ramifications of these budget cuts at the state-level will strain New Mexico’s economy and public resources, jeopardizing the stability and health of communities across the state.

State Treasurer Laura M. Montoya:

“This is yet another example of the complete disregard for Americans that characterizes Trump’s administration—including his unelected and unappointed sidekick Elon Musk— and the MAGA Congressional Republicans pushing this policy in Congress.”

“The irony of making cuts to Medicaid is that the very lawmakers elected to serve Americans’ best interest are the ones who grant themselves access to top-tier, comprehensive health coverage most Americans can only dream of.”

“I am calling on President Trump and Congressional Republicans: STOP threatening to dismantle this country. STOP undermining vital programs like Medicaid. STOP freezing

funding that American families and communities rely on. STOP creating fear and chaos and start doing your job and prioritize the well-being and stability of our nation.”

A recording of this press conference can be accessed here.

Treasurer Montoya’s statement timestamp: 7:25 – 14:35

Laura M. Montoya became New Mexico’s first female State Treasurer on January 1, 2023, and the nation’s first elected Latina State Treasurer, bringing the office over two decades of experience in banking, investments, and public policy. Under Treasurer Montoya’s direction, the office manages the state’s :17 billion investment portfolio. The Treasurer serves on 13 boards, councils, and commissions with fiduciary responsibility for state funds exceeding :150 billion.