New Jersey § 52:18a-265

§ 52:18a-265.

The Legislature finds and declare that: a. New Jersey residents could meaningfully benefit from expanded access to below-market-rate

capital for socially beneficial projects, including support for public infrastructure,

affordable housing and neighborhood revitalization, small business lending, early

childhood education facilities, and higher education financing. b. Access to capital is vitally important for the health, security, and well-being

of all individuals and businesses in this State and the lack of accessible capital

exacerbates the economic hardships being faced by working families and businesses. c. Public banking is a model that could expand capital access by leveraging public

and private dollars to finance and support sustainable and forward-thinking projects

that would benefit the public interest. d. A public banking model could address the unique needs and goals of community banking

institutions, small businesses, and emerging and early-stage developers. e. Recognizing the value that a public bank could provide, Governor Murphy issued

Executive Order No. 91 of 2019 establishing a Public Bank Implementation Board responsible

for studying and making recommendations to the Governor regarding the development

of a public bank for New Jersey. f. The Social Impact Investment Fund established by P.L.2023, c. 67 ( C.52:18A-265 et seq. ), inspired by the work of the Public Bank Implementation Board, will leverage public

capital with investments from private sector institutions and individuals to create

a lending pool to provide below-market-rate loans and guarantees to achieve positive

social impacts. g. It is the intent of the Legislature that the deployment of State funds through

the Social Impact Investment Fund will demonstrate the potential of a public banking

model to the benefit the residents of New Jersey.