Gov. Phil Murphy has signed an executive order that paves the way for a public bank in the Garden State, which could, in time, offer another source to fund civic and private needs alike.
Murphy’s executive order creates a 14-member board that’ll spend the next year putting together a blueprint to establish the bank and its rules, which will likely include leveraging public assets to raise the capital needed to fund it.
“The concept is a bank owned by us to keep those dollars in New Jersey to benefit our economy,” the governor added. “For every dollar you put into infrastructure, student loans, small business, affordable housing, you get multiple dollars back.”
Proponents admit it won’t be easy, and they’re certainly not looking to put private banks out of business. But this is the first step in providing a lower-cost option that’s easier to access.
The plan, however, could be a hard sell with some in the Legislature, not to mention the private sector.