This week, Governor Murphy signed an executive order to create an “implementation board” with the intention of establishing a public bank in New Jersey.
This is an incredible, bold step for the state to take towards economic justice.
Currently, in New Jersey, our tax dollars are kept in private banks. The same private banks responsible for the financial strip mining that has torn our economy apart. These banks then invest our tax dollars in big-money endeavors across the world, rather than New Jersey’s communities. And, of course, they’re always sure skim lots of juicy debt servicing fees off the top.
A public bank would give control of our tax dollars back to us. Instead of investing our money wherever the ultra-rich feel they’d like to, our state can invest in affordable college loans, public infrastructure and schools, housing, and non-predatory loans for small businesses.
Congratulations to the New Jersey Education Association and Citizen Action for the work they have put in to make this victory happen.
The Work Environment Council is proud to have trained more than 2,000 activists and union rank-and-file members on how Wall Street has strip mined our economy, and on the importance of establishing a public bank to reclaim public control of public money.
We look forward to continuing the fight, with our partners and other advocates, to educate, organize, and mobilize working people towards this goal.