McKeon Bill Requiring Use of Minority, Women-Owned Financial Institutions Clears Committee

(TRENTON) – A bill sponsored by Assemblyman John McKeon (D-Essex, Morris)  requiring the Director of the Division of Investment in the Department of Treasury to attempt to use qualified minority and women-owned financial institutions for the state’s brokerage and investment management services cleared the Assembly Financial Institutions and Insurance Committee Thursday.

“Qualified minority and women-owned financial institutions have services that are as professional and on a par with any other, and we should always consider them for the state’s brokerage and investment needs,” said McKeon. “When given the opportunity, women and minority-owned businesses can thrive, excel and make significant contributions to our state.”

A qualified minority and women-owned financial institution is defined as a financial institution qualified to engage in state investment transactions and has a valid certification as a “minority business” or a “women’s business” as defined by state law. The bill (A-4415) is designed to promote and support the development of minority and women-owned small businesses in New Jersey.

Although the Division of Investment does not identify the number of minority and women-owned financial institutions providing brokerage and investment management services to New Jersey,  the Dow Jones Private Equity Analyst (August 2012) report identified Vista Equity Partners as an established and successful minority-owned private equity firm in which the New Jersey Division of Investment invested that year.

The bill now awaits further consideration by the Assembly.