April 8, 1999

The Honorable Manny M. Aragon and

Members of the Senate

Executive-Legislative Building

Santa Fe, New Mexico 87503

Honorable President and Members of the Senate:

I have this day VETOED and am returning SENATE BILL 408, as amended, with certificate of correction, enacted by the Forty-Fourth Legislature, First Session, 1999.

This legislation, if enacted, would change the nature of the telecommunications market in New Mexico. Its proponents argue that it would open the telecommunications market to competition, spur investment by the incumbent telephone company and lower and cap rates for business and residential customers. I respectfully disagree. I believe that if I were to sign this bill there would be a loss of competition and accordingly less opportunity for our citizens to experience the technological advances of the future.

Sincerely,

Gary E. Johnson

Governor