Gov. Phil Murphy has announced a Public Bank Implementation Board and has signed an executive order creating the 14-member body. Chaired by Marlene Caride, commissioner of the state Department of Banking and Insurance, the Board has four public members, including NJEA Vice President Sean M. Spiller.
Spiller remarked that he was honored to have the opportunity to serve on the Board. “I’m proud to serve on the implementation board and am eager to help figure out how we can turn an innovative idea into a positive reality that promotes economic justice and economic security for New Jersey residents,” said Spiller. “If some of the profit that currently goes to Wall Street can make it to Main Street instead, we should do the work necessary to set this up and help New Jersey. Done right, a state bank has tremendous potential to make capital work for working people and not just for the wealthy investing class.”
The Governor and key administration figures explained the purpose of the bank in a press release:
“Leveraging state resources to provide greater access to capital for our communities, small businesses, municipalities, and students is an important component of building a financially inclusive New Jersey,” said Governor Murphy. “With the creation of this implementation board, I am proud to take the first step toward ensuring that our taxpayer dollars are invested here in New Jersey.”
“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.”
“Through the establishment of this board, we are bringing together leaders from across the state to begin the process of establishing a public bank that will work for the people of New Jersey,” said Department of Banking and Insurance Commissioner Marlene Caride. “This board will conduct the research necessary to determine the path forward for a public bank designed to provide access to capital that will allow us to improve our infrastructure, revitalize our communities, to assist small businesses, and provide residents with access to higher education loan financing. The goal is to make New Jersey’s taxpayer dollars work for the people of this state, and that will be our guiding principle.”
According to the executive order, the board is tasked with developing an implementation plan for a public bank within one year.