Phil Murphy looks like he might be the next governor of New Jersey. Here‘s what he has to say about a New Jersey public bank:
This money belongs to the people of New Jersey. Phil will bring that money home, so it can build our future. Instead of investing $1.5 billion in foreign banks, a public bank will invest in New Jersey’s main streets — in our infrastructure, our communities, our students, and our small businesses. And it will provide capital to communities that, for too long, have been ignored by the financial system, whether they be women-owned businesses, businesses owned by people of color, or small businesses with big ideas who have up to now only had doors slammed in their faces.
It will operate as a strictly independent entity and follow commercial principles. It will work in tandem with our community banks and credit unions – serving as a partner not a competitor. And its profits will be returned to the people of New Jersey as non-tax revenue, not lost in fees to Wall Street.