Oroho: Murphy Admin Should Heed Concerns of CPAs on Creation of State Bank

85% of NJ CPAs Oppose NJ Public Bank Proposal

Senator Steven Oroho (R-24) said the Murphy Administration should listen to the concerns of certified public accountants (CPAs) who overwhelmingly oppose the creation of a public bank by the State of New Jersey.

“The accountants who serve New Jersey’s families and businesses have a direct understanding of the financial challenges associated with living and operating in the Garden State,” said Oroho. “It is telling that they overwhelmingly oppose the public bank that the Murphy Administration wants to create as unnecessary, duplicative, and a distraction from the real need to fix our pension and benefits systems that put such a drain on taxpayers.”

According to the New Jersey Society of CPAs (NJCPA), 85 percent of the 489 respondents to a survey in November do not support the creation of a public bank in New Jersey:

“Survey respondents who opposed the concept noted that credit unions, which provide similar borrowing opportunities, are already available throughout the state. They also cited their distaste for having state government in the banking industry, where taxpayers could be forced to subsidize such an enterprise. Respondents also believed the state government’s full attention needs to focus on fixing the pension and health benefit obligations that plague the state currently.”

Oroho, who serves as the Senate Republican Budget Officer, is also a CERTIFIED FINANCIAL PLANNER™.

“I haven’t heard from a single financial professional working in the real world who thinks the creation of public bank in New Jersey is a good idea,” added Oroho. “There are real concerns that taxpayers will be on the hook for risky loans to political insiders that no bank or credit union would ever risk making. I urge the governor to heed the concerns of New Jersey’s CPAs and other financial professionals and stop this ill-conceived state bank plan in its tracks.”