NJ committee hearing: “We have an extraordinary opportunity.”




The NJ state Public Bank idea had its first legislative discussion on Monday at the Assembly Financial Institutions and Insurance Committee hearing.

The bill got predictable push-back from vested banking interests, but advocates spoke out passionately, delineating the real benefits to the state's citizens that a Public Bank would provide.

New Jersey Citizen Action Executive Director Phyllis Salowe-Kaye explained in the ROI-NJ that relying on a volatile Wall Street and slow responses from Washington, D.C., especially after Hurricane Sandy, were not smart decisions for the state, especially at a time when the state is faced with a crumbling infrastructure. “We have an extraordinary opportunity to work here at the state level and become a forward-thinking government in New Jersey.”

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