Newark, NJ- Governor Phil Murphy signed Executive order N0.91 today. Politicians, press along with local New Jersey residents gathered at the new renovated Hane’s building to hear the great news. The garden state will finally have a public bank coming by next year.
The crowd clapped as gov Murphy signed for the new order.
“Public banks can help lower debt costs for local governments while generating revenues and spurring job and economic growth and I’m excited that Governor Murphy is signing an Executive Order to move this forward in New Jersey,” said Lt. Governor Sheila Oliver, who serves as Commissioner of the Department of Community Affairs. “We welcome the opportunity to help lower taxes for residents in our communities while investing in the common good with loan affordability for education, infrastructure and small businesses growth.”
Governor Phil Murphy also announced the board members who will be in charge.
The Board Members
- Marlene Caride, Commissioner, New Jersey Department of Banking and Insurance (Chair)
- Liz Muoio, New Jersey State Treasurer
- Matt Platkin, Chief Counsel to the Governor
- Kathleen Frangione, Chief Policy Advisor to the Governor
- Derrick Green, Senior Advisor to the Governor for Diversity and Urban Affairs
- Deb Cornavaca, Deputy Chief of Staff to the Governor for Outreach
- Joe Kelley, Deputy Chief of Staff to the Governor for Economic Growth
- Kevin Quinn, Chair of the EDA Board
- Christy Van Horn, Chair of the HESAA Board
- Lieutenant Governor Oliver, Chair of the HMFA Board
- Phyllis Salowe-Kaye, Executive Director, New Jersey Citizen Action (public member)
- Joan Bartl, Co-Director, Banking on New Jersey (public member)
- Dr. William M. Rodgers III, Professor of Public Policy at Rutgers University (public member)
- Sean Spiller, Vice President, New Jersey Education Association (public member)
IMU MEDIA has a quick Interview With Sean Spiller Vice President, New Jersey Education Association
IMU: What are three ways in which the new bank will show growth for New Jersey?
Spiller: First and for most, we look at it from an educational lense at times. When you talk about student loans, right now many of our individuals just graduating college are coming out with an enormous amount of debt. Especially those going into education, where you know you don’t make big money.
It’s a real challenge and we’re seeing that as a hindrance in terms of people coming into the profession. So a perfect real-life example of how having a public state bank that can invest in fairer student loans. That give residents better rates. That makes sure people can actually afford to go to college and afford to go into the career of their choice. It is a perfect example of how a public bank a state bank can really be effective.
When you talk about all the dollars that we invest now generally in the state with my other hat the municipal side. When you look at terms of infrastructure and the loans you have to get, and all the other pieces you have to put out there, if we can be doing that through a state public bank, having those dollars be reinvested in Main Street, reinvested in the working class in this state, another give back to residents, another giveback to all of us. So I think these are some real tangible examples of how these dollars that are so often going to Wall street were there making the money on our money. Let’s get that money back to work for people in our state. Let’s get that money back to work for the average everyday person and that’s what this is all about.
IMU: Is there any way college students past and present can find out about this?
Spiller: Great question, I think this is literaly just the start of the conversation. Because what we are charged with now as the Governor noted with a tight time frame. We have to come up with the framework of what a public bank looks like. Come up with what that then means of getting the dollars in, what dollars are we starting with to put out and invest.
Then you build the frame work around, hey you’ve got student loans this is how you take advantage of this state public bank. So I don’t think we’re there yet, but you can be sure once we are that information will be out there.
IMU: Is there a set location for the bank?
Spiller: None at this time, not at all. I think that we think of a bank more broadly then even just a physical location. It’s more the concept of taking all our dollars collectively and those dollars that are going to Wallstreet and keeping them here in New Jersey for residents. As opposed to just your bank on the corner, it’s the idea of dollars for New Jersey, from New Jersey, being put back into New Jersey.