To reclaim democratic control over New Jersey’s public dollars, we support the establishment of a public bank in New jersey, which will accept deposits from public entities and reinvest those funds into small business and infrastructure projects inside the state, and help refinance student debt, through partnerships with smaller banks and credit unions.
Our support for this bank is contingent on the following requirements:
1. The bank’s governing board should be comprised primarily of elected stakeholders representing diverse interests across the state, including communities suffering from a lack of investment and access to capital.
2. All information regarding the bank’s operations and lending must be made publicly available, recognizing what public access means in the 21st century, and the bank must regularly report on its investments and revenue.
3. The pay gap between top executives at the bank and its average employee should be no higher than 7 to 1.