Walt McRee | November 13, 2019
Governor Phil Murphy followed through on one of his most challenging campaign promises by starting the clock on exploration and implementation of a state-owned bank. Citing the many reasons for doing so in his introductory statement, Murphy appointed a 14 member teams of Administration leaders and four representatives of public leadership, including Banking on New Jersey. The Board will begin meeting within the month and assemble a strategy and research project to conclude within a year.
This new development on the national horizon of public banking resonates with the public will and commitment by citizens in California to reclaim control of public dollars from Wall Street interests for the sake of state-based Main Street objectives. In his remarks, Murphy comforted the Wall Street banks by affirming their importance in getting capital for state investment, but acknowledged that there is a paucity of local lending into key components of our economy from affordable housing, to student loans, infrastructure and small business lending – areas that are frequently cited by other public banking efforts nationwide.
“This is a practical approach with a clear focus on financial objectives to address for the State. The Governor is to be congratulated for weathering difficult political pushback and to create a clear path forward for the State Bank.” said Walt McRee, co-Director of Banking on New Jersey. Both Walt and Joan Bartl will serve on the newly created Implementation Board.