New Jersey Public Banking
NJ invests it revenues into hedge funds managed by Wall Street banks. Our state pays excessive fees to allow Wall Street banks to loan our money anywhere in the world, often fueling wars or building oil pipelines rather than investing in the future. A public bank would allow capital investments made by the people of New Jersey to invest in the future of New Jersey. The state would not only invest its revenue in a public bank with a clear mandate on how the money can be loaned, we would also be able to lend out $10 for every $1 in assets – that is how banks work. We would also have access to loans at less than 1% interest, and we could pass on the low interest in loans to those who need them. The mission for the NJ state bank will include providing low interest loans to counties and municipalities for infrastructure projects, buying out mortgages of homes in contested processes of foreclosure and re-negotiating fair mortgages and providing low interest loans to NJ university students to make higher education affordable. Banking professionals and stakeholders will play an important role in oversight of the bank to ensure it does not fall under the influence of politicians. We would partner with local community-based banks and credit unions to provide low cost loans to small businesses, rather than leaving them at the mercy of banking profiteers.