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N.J. Assembly bill on state funds includes CUs
TRENTON, N.J. (3/10/09)--A bill introduced in the New Jersey State Assembly aimed at spurring economic growth by creating more lending capacity among financial institutions would give credit unions equal footing with banks, according to the New Jersey Credit Union League. The bill was introduced in the Assembly Appropriations Committee Monday and has a companion bill in the Senate. The Senate Budget and Appropriations Committee approved the legislation with a vote of 14-0 (The Weekly Exchange March 2). The legislation would temporarily expand the range of investment vehicles available to the director of the New Jersey Division of Investments for the New Jersey Cash Management Fund and state pension fund. It also would authorize the director to invest in any obligation guaranteed by the National Credit Union Share Insurance Fund or the Federal Deposit Insurance Corp., the league said. The league submitted a statement of support to the Senate and will do the same for the Assembly. The New Jersey Bankers Association and the New Jersey Business and Industry also registered their support, the league said.


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