Spiller named to Public Bank Implementation Board

Gov. Phil Murphy announced on Nov. 12 a Public Bank Implementation Board and has signed an executive order creating the 14-member body. Chaired by Marlene Caride, commissioner of the New Jersey Department of Banking and Insurance, the board has four members from the public, including NJEA Vice President Sean M. Spiller. The board is tasked with developing an implementation plan for a public bank within one year.

“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.”

To oversee the implementation of the bank, the board’s objectives will include assessing capital needs for New Jersey’s small businesses, students, and local infrastructure and affordable housing projects; conducting at least three public meetings to better understand how the state can better reduce those capital needs, with a special emphasis on supporting low-income and minority populations; enhancing the coordination and services of state authorities; identifying how a public bank can strengthen the capacity of local financial institutions and nonprofit entities; developing a business plan for a public bank that determines capitalization needs and outlines a governance and operation structure; and consulting with experts or other knowledgeable individuals in the field of public banking. 

“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,” Gov. Phil Murphy said. “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.”

The 14 board members are:

  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 M. Spiller, vice president, NJEA (public member)

Related Articles

Send this to a friend