Press Statement

RE: Nomination of Assemblywoman Marlene Caride as Commissioner, Department of Banking and Insurance

For further information: Phyllis Salowe-Kaye

973-220-3823

We are extremely  pleased  with  Governor-elect  Murphy’s  nomination  of  Assemblywoman  Marlene Caride to  head  the  Department of  Banking  and  Insurance”,  stated  Phyllis  Salowe-Kaye, Executive  Director of  New Jersey  Citizen  Action.  ” For  over a  year we  have  been  having  discussions   with  the  Governor-elect  and his  staff  about  the  establishment  of  a public bank   that  would  invest  in  affordable  housing, small  businesses,  infrastructure  and  student loans  and  look  forward  to  having  a  seat  at  the  table as this historic initiative  becomes reality”.

The public bank, its mission and its functions must be built to reach far beyond the here and now. It provides a tremendous opportunity to implement   forward thinking broad based “Smart City” reinvestment and modernization in our state.  The public bank’s guiding principles must have a triple bottom line: social equity, economics and environment.  Governance must be insulated from political interference.

Creating a  public  bank  dedicated  to  social  and  economic   enterprise  gives  New  jersey  policymakers  an  important  new  tool  to  redeploy  the  states significant  financial  resources.  We  believe  that Assemblywoman  Caride   brings   knowledge  and  sensitivity  to  the  position and the  commitment to  ensure  that consumers,  small  business  owners,  students and  seniors will  be  treated  fairly.

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