Walt McRee, Ellen Brown, Joan Bartl, Gov. Phil Murphy

Walt McRee, Ellen Brown, Joan Bartl at NJ Gov. Phil Murphy’s press conference announcing the Executive Order for the Public Bank Implementation Board. Photo courtesy Walt McRee.

On Wednesday, November 13, NJ Gov. Phil Murphy moved forward on his campaign pledge to create a state-owned bank by signing an executive order for a 14-member “Public Bank Implementation Board.” Tasks assigned to the Board include developing a business plan, consulting with public banking experts, and holding at least three public meetings. The Board must release its plan within a year.

Board members will include at least four members of the public, one of whom will be either Banking on New Jersey Co-Director/PBI Chair Emeritus Walt McRee or Banking on New Jersey Co-Director Joan Bartl. PBI Chair Ellen Brown accompanied Walt and Joan to Murphy’s press conference announcing the Executive Order in Newark. Walt commented:

“This is a practical approach with a clear focus on the financial objectives needed by the State. The Governor is to be congratulated for weathering difficult political pushback in creating a clear path forward for the State Bank.”

Livestream of the press conference.

Governor Murphy’s press release.

The announcement was covered by many media outlets:

NJ Spotlight: Murphy Takes First Key Step Toward Establishing a ‘Public Bank’

San Francisco Chronicle: NJ considers setting up nation’s second public bank

Walt McRee, Joan Bartl, Gov. Phil Murphy

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