POLITICS & GOVERNMENT

Murphy makes progress on public bank campaign promise

BY Michael Aron, Chief Political Correspondent |

A centerpiece of his 2017 campaign, Gov. Phil Murphy on Wednesday signed an executive order creating the Public Bank Implementation Board and gave it one year to design a public bank.

The money would come from deposits the state has in commercial banks domestically and overseas. It create a pool of low-cost capital for infrastructure projects, student loans, affordable housing and small businesses.