Montclair Councilman Named To NJ Governor’s Public Bank Board

MONTCLAIR, NJ — A Montclair councilman who also serves as vice president of the New Jersey Education Association (NJEA) was recently named as one of the inaugural members of the state’s new Public Bank Implementation Board.

Earlier this month, Governor Phil Murphy signed Executive Order No. 91, which lays the foundation to create a “public bank” in New Jersey within a year.

The board will be made up of 14 members, including Sean Spiller, who represents Montclair’s 3rd Ward on the town council.

“I’m proud to serve on the implementation board and am eager to help figure out how we can turn an innovative idea into a positive reality that promotes economic justice and economic security for New Jersey residents,” Spiller said.

“If some of the profit that currently goes to Wall Street can make it to Main Street instead, we should do the work necessary to set this up and help New Jersey,” Spiller added. “Done right, a state bank has tremendous potential to make capital work for working people and not just for the wealthy investing class.”

Other members of the board include:

• Marlene Caride, Commissioner, New Jersey Department of Banking and Insurance (Chair)
• Liz Muoio, New Jersey State Treasurer
• Matt Platkin, Chief Counsel to the Governor
• Kathleen Frangione, Chief Policy Advisor to the Governor
• Derrick Green, Senior Advisor to the Governor for Diversity and Urban Affairs
• Deb Cornavaca, Deputy Chief of Staff to the Governor for Outreach
• Joe Kelley, Deputy Chief of Staff to the Governor for Economic Growth
• Kevin Quinn, Chair of the EDA Board
• Christy Van Horn, Chair of the HESAA Board
• Lieutenant Governor Oliver, Chair of the HMFA Board
• Phyllis Salowe-Kaye, Executive Director, New Jersey Citizen Action
• Joan Bartl, Co-Director, Banking on New Jersey (public member)
• William M. Rodgers III, Professor of Public Policy at Rutgers University

Here’s what the board’s members are charged with:

“To oversee the implementation of the Bank, the Board’s objectives will include assessing capital needs for New Jersey’s small businesses, students, and local infrastructure and affordable housing projects; conducting at least three public meetings to better understand how the State can better reduce those capital needs, with a special emphasis on supporting low-income and minority populations; enhancing the coordination and services of state authorities; identifying how a public bank can strengthen the capacity of local financial institutions and non-profit entities; developing a business plan for a public bank that determines capitalization needs and outlines a governance and operation structure; and consulting with experts or other knowledgeable individuals in the field of public banking.”

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