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

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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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