New Jersey Governor Phil Murphy. Photo by Joan Bartl.
American Banker tells its readers in their January 12 issue, “Bankers will want to keep an eye on New Jersey Gov. Phil Murphy, who campaigned on a pledge for a public bank and hasn’t backed off in two years.” The authors continue:
“Specifically, bankers will want to monitor developments out of New Jersey’s new Public Bank Implementation Board. The first real step toward a public bank in the state was Murphy’s creation of that task force via executive order in November. Later this year, the 14-member board should deliver a plan for making a public bank happen, addressing capitalization needs, governance and operational structure.”
Noting that in California, Gov. Gavin Newsom signed a law in October creating a framework for the establishment of municipal public banks, the authors added, “activists in New York, New Mexico, Pennsylvania and several other states are pushing for legislation. And Stephen Smith, a West Virginia Democrat running for governor, is endorsing a public bank as part of a broader rural revitalization plan.”