Murphy vows to follow through with plans on New Jersey public bank

(The Center Square) – New Jersey Gov. Phil Murphy said he intends to follow through with plans to open a state-owned bank.

In November 2019, Murphy signed Executive Order No. 91 to create the Public Bank Implementation Board. The board was given a year to develop an implementation plan for a public bank.

At the time, state officials said a public bank could generate revenue, spur job and economic growth and help local governments reduce their debt costs. It would also provide additional banking opportunities for “under-served communities.”

While the COVID-19 pandemic slowed plans for a public bank, during a virtual press briefing Monday, Murphy predicted a version of it would happen during his second term.

“The state bank, I think some version of that is going to come to pass,” Murphy said during the briefing. “We had a good meeting on that just before the Christmas holiday. There is an outline of a way forward, and I think you’re going to see real progress on that front.

“That’s been one of the harder ones for us to get done for a lot of legitimate reasons,” the governor added. “It looked like it was easier from the outside to get into the office, and you realize some of this stuff isn’t as easy as you had hoped. That’s on that list, and I do think the pandemic and the challenges that individuals, families, businesses, municipalities, particularly students with college loans – I think it has sharpened the need for this as opposed to lessened the needs for it.”

This article was published by The Center Square and is republished here with permission. Click here to view the original.

Powered by WPeMatico

About The Center Square 827 Articles
The Center Square was launched in May 2019 to fulfill the need for high-quality statehouse and statewide news across the United States. The focus of our work is state- and local-level government and economic reporting. A taxpayer sensibility distinguishes our work from other coverage of state and local issues.