WASHINGTON EXAMINER: PUBLIC BANKING GETS A TOEHOLD IN NEW JERSEY

Washington Examiner’s Joseph Lawler quotes GSI President Regina Egea on the problems inherent in Gov. Murphy’s idea of a state bank. “New Jersey residents are already among the highest-taxed people in the country,” she says. “A public bank uninsured by the FDIC would put our taxpayers at risk of having to bail out the state bank if it failed.” Murphy campaigned on the promise of a public bank, a commercial bank owned by the state that would take deposits from the state and from municipalities, and lend in-state. Lawler writes that “the biggest concern, both critics and proponents of public banking agree, would be the possibility for the bank to become politicized, lending to favored groups or businesses and cutting off ones without political connections.”

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