Public banker says support is key for state-run bank

Posted: Updated:

(AP) - Democratic Gov. Phil Murphy wants New Jersey to become the second state with a public bank in the United States.

But the head of the country’s only other state-run bank said in an interview that it’ll be important to get public support first.

It’s unclear whether such support exists, and lawmakers and private industry are outright opposed.

Bank of North Dakota President and CEO Eric Hardmeyer says it’s important to define what problem the bank is fixing to get public support. He also advised hiring professional bankers and partnering, not competing, with private banks.

A commission Murphy set up this month to plan the bank’s establishment is set to meet early next month in Trenton. Murphy promised during the 2017 campaign to set up a public bank.

(Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

11/23/2019 3:01:55 PM (GMT -5:00)

 

 

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