TRENTON-The early 19th century just called Trenton and wants its idea back. That idea is the formation of a new bank…controlled and operated by the government. The idea in itself sparks images of socialism to many and that’s just why Phil Murphy is proposing it. Take the money out of private banking institutions and put it all in a state bank, because, well, the government knows how to do things better.
Welcome to the Peoples Democratic Republic of New Jersey.
Murphy plans to have the Bank of Phil opened with a year and he’s using those socialist trigger words…inclusive…providing greater access, etc. He compared his people’s bank scheme on the level of grandness as the George Washington Bridge and Bell Laboratories.
“Leveraging state resources to provide greater access to capital for our communities, small businesses, municipalities, and students is an important component of building a financially inclusive New Jersey,” said Governor Murphy.“With the creation of this implementation board, I am proud to take the first step toward ensuring that our taxpayer dollars are invested here in New Jersey.”
Murphy is so sure of this plan, he held a press conference to tout it, but he did not take a single question from the media.
Michael Affuso the Vice President of the NJ Bankers Association said the bank is something nobody asked for and nobody needs.
“This is all kind of pie in the sky,” he said. “Never have I heard a clamoring for a state bank.”
Murphy even created a board to oversee its creation, picking the top yes-men and women in his administration.
- Marlene Caride, Commissioner, New Jersey Department of Banking and Insurance (Chair)
- Liz Muoio, New Jersey State Treasurer
- Matt Platkin, Chief Counsel to the Governor
- Kathleen Frangione, Chief Policy Advisor to the Governor
- Derrick Green, Senior Advisor to the Governor for Diversity and Urban Affairs
- Deb Cornavaca, Deputy Chief of Staff to the Governor for Outreach
- Joe Kelley, Deputy Chief of Staff to the Governor for Economic Growth
- Kevin Quinn, Chair of the EDA Board
- Christy Van Horn, Chair of the HESAA Board
- Lieutenant Governor Oliver, Chair of the HMFA Board
- Phyllis Salowe-Kaye, Executive Director, New Jersey Citizen Action (public member)
- Joan Bartl, Co-Director, Banking on New Jersey (public member)
- Dr. William M. Rodgers III, Professor of Public Policy at Rutgers University (public member)
- Sean Spiller, Vice President, New Jersey Education Association (public member)