Stamato Op-Ed: NJ needs public banking

Policy Fellow Linda Stamato argues for the establishment of a public bank in New Jersey, emphasizing the potential benefits it could bring to the state’s economy and communities. She highlights how public banks, unlike commercial banks, prioritize local interests by reinvesting deposits back into the community through loans for small businesses, infrastructure projects, and affordable housing. By providing lower-cost financing and reducing reliance on Wall Street, a public bank could address pressing challenges such as climate change, income inequality, and racial disparities. The article also notes successful examples of public banking in other states, suggesting that New Jersey should seize this opportunity to create a resilient, equitable, and sustainable financial system for its residents.

NJ Spotlight News, May 18, 2023