Governor Murphy still hoping to establish ‘State Bank’ before leaving office

3 mins read
New Jersey Governor Phil Murphy
New Jersey Governor Phil Murphy

TRENTON, NJ – In 2019, New Jersey Governor Phil Murphy signed an executive order creating a government ‘state bank implementation board’ for the state, but COVID-19 dealt that plan a severe blow. Now, in his second term, Murphy is confident that he can establish that bank before the end of his term in office.

That board was never able to proceed further and now, Murphy said the board met before Christmas.

“I think some version of that is going to come to pass,” Murphy said. “We had a good meeting on that just before the Christmas holiday. There is an outline of a way forward, and I think you’re going to see real progress on that front. That’s been one of the harder ones for us to get done for a lot of legitimate reasons.”

The governor now admits that his plan looks easier on paper than it is to implement.

” It looked like it was easier from the outside to get into the office, and you realize some of this stuff isn’t as easy as you  had hoped,” Murphy said. “That’s on that list, and I do think the pandemic and the challenges that individuals, families, businesses, municipalities, particularly students with college loans – I think it has sharpened the need for this as opposed to lessened the needs for it.”

“Public banks can help lower debt costs for local governments while generating revenues and spurring job and economic growth and I’m excited that Governor Murphy is signing an Executive Order to move this forward in New Jersey,” said Lt. Governor Sheila Oliver, who serves as Commissioner of the Department of Community Affairs. “We welcome the opportunity to help lower taxes for residents in our communities while investing in the common good with loan affordability for education, infrastructure and small businesses growth.”

“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.”