Gov. Phil Murphy promised to create a state public bank. In November 2019, he did just that, traveling to Newark to announce its creation in Executive Order 91.
Surrounded by community and financial justice advocates, the governor pledged to leverage “state resources to provide greater access to capital for our communities, small businesses, municipalities, and students.” He emphasized that a public bank can be “an important component of building a financially inclusive New Jersey.”
So, where is this bank?
Expected to take shape within one year, we have only a brief statement by the governor, in January 2022, indicating that the bank “was coming.”