Detour photo by Tom Fisk, Pexels

PBI’s response to the recent NJ recommendations: The public bank that wasn’t — New Jersey’s excursion into public banking

Read now on Substack PBI’s response by Co-Chair Ellen Brown in collaboration with PBI Senior Advisors and team to NJ’s recent report titled “Recommendations for Implementing a Public Bank in New Jersey” submitted by Next Street to Governor Phil Murphy on Feb 2, 2024.

“In 2017, Phil Murphy, a former Goldman Sachs executive, made the establishment of a public, state-owned bank a centerpiece issue during his run for governor. …

“When Is a Bank Not a Bank?

“Public banking advocates have serious concerns, however, about other aspects of the report. Most concerning is its apparent attempt to redefine a ‘public bank.’ The report recommends creation of a public bank as a successor to the SIIF but asserts that the public bank should not be a depository institution. This recommendation is repeated throughout the report.

“Many authorities confirm that a financial institution is not a ‘bank’ unless it takes deposits.”

[Read on Substack]

Photo by Tom Fisk.

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