New Jersey Chamber of Commerce President and CEO Tom Bracken’s Statement on the Resignation at the NJEDA

I am saddened that Larry Downes has resigned as chairman of the New Jersey Economic Development Authority (NJEDA). He served with distinction, following the footsteps of Al Koeppe, Joe McNamara and Caren Franzini. He is a New Jersey leader who has dedicated much of his life to our state. He has tried in all of his endeavors to make things better for the people of New Jersey, and he has succeeded. In his state of the state address in January, the Governor acknowledged Larry as someone working to enhance the NJEDA’s policies to allow our economy to grow.

Now, what we have is an NJEDA in complete flux. It is decimated. The chairman has resigned, more changes to the board are expected, and the business incentive programs it administers are set to expire on June 30.

This is a lot of upheaval in an organization whose mandate is essential to New Jersey’s economic health. The task of rebuilding is daunting, and the organization needs to be reconstituted and rebuilt.

It will be very difficult to replace someone of Larry’s stature, and we hope that the new leadership meets the high standard that Larry has set.

The way forward is clear: Address the NJEDA’s internal controls and allow it to enhance, improve and, where appropriate, expand its incentive programs. It is an essential tool in our economic development arsenal.

The ultimate goal of our tax incentive programs should be to improve our state’s competitiveness and maximize our ability to generate economic and job growth.