Newly elected New Jersey Governor Phil Murphy has already arranged for two state senators to propose legislation which moves his public bank campaign promises forward. How rare is that?
Directly following [Murphy’s] swearing in last week, State Senators Nia Gill and Richard Codey introduced the State Bank of New Jersey Act at the beginning of the legislative session.
According to Politico:
“Under the Codey-Gill proposal, all public entities in New Jersey would be able to use the state-run bank. It would provide transportation project loans, student loans, small business loans and be able to purchase mortgages from commercial banks. The bank would also be able to purchase, lease and construct buildings, and would even have the power of eminent domain. And it would be able to buy and sell federal funds.”
Closer to home, Cenk Uygur interviewed our Southern California allies Phoenix Goodman and Trinity Tran, from DivestLA and co-founders of Public Bank LA. This 30+ minute interview is well worth your time.