Newark, February 6, 2024---Beverly Brown Ruggia, Financial Justice Program Director for New Jersey Citizen Action, released the following statement today in response to the New Jersey Public Bank Implementation Board's final recommendations on the development of a New Jersey public bank.
“The board’s recommendations provide Governor Murphy with a vital step towards establishing a public bank, which could be of immense help to New Jersey’s low-and moderate-income families and communities of color. The bank would invest public money and help attract private financing to address New Jersey’s most pressing socio-economic needs, including but not limited to affordable housing, public infrastructure, micro-lending for main street New Jersey, and our state’s student loan crisis. These needs have not been adequately met by the private or public sector, resulting in decades of social, racial, and economic inequity in too many communities. We urge Governor Murphy to act on these recommendations as soon as possible.”