NEWARK, N.J. (AP) — Democratic Gov. Phil Murphy has signed an executive order aimed at making New Jersey the second state to establish a publicly run bank.
Murphy signed the order Wednesday alongside labor and other advocates in Newark. The first-term former Goldman Sachs executive called for the creation of a state bank during the 2017 campaign, but the effort has largely stalled since taking office.
The order creates a 14-member panel that must hold its first meeting within 30 days and issue a report in a year.
The administration says the bank could provide capital to worthwhile projects like financing low-income housing and student loans. The bank’s deposits would come in part from state funds already held by private banks.
North Dakota is the only other state with a public bank.