From the Star Ledger:
Gov. Phil Murphy on Wednesday took the first steps to make New Jersey the first state in a century to open a state-owned bank.
The Democratic governor signed an executive order to form a 14-member board to oversee the taxpayer-funded institution, which was a centerpiece of his campaign in 2017.
The public bank, which would invest millions of dollars in state deposits usually kept in commercial banks back into New Jersey communities and stimulate the economy, would be owned by the state’s taxpayers, Murphy said Wednesday.
“I still believe in the ability of public banks owned by the people of New Jersey to be a force for good in helping small businesses succeed, in providing student loans at affordable rates and opening lines of credit to municipalities needing long-term infrastructure and affordable housing,” the governor said before signing the order at an event in Newark.
The announcement did generate some controversy. The board, which will be chaired by state Commissioner of Banking and Insurance Marlene Caride, is comprised of nine administrative members and four public members, including Derrick Green, who became embroiled in a financial scandal for his political work in Bermuda, which came to light last year. That appointment drew criticism from Republican lawmakers.