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CU System
New Jersey league asks CU inclusion in state rescue plan
TRENTON, N.J. (11/3/08)--The New Jersey Credit Union League is encouraging the state’s Gov. Jon Corzine to include credit unions in a broad economic rescue plan to help guide the state out of the national economic downturn and credit crunch. The plan proposes to use state pension and cash-management funds to purchase certificates of deposit in community banks, and to provide small-business loan guarantees to spark economic development and job creation, said the league (The Weekly Exchange Oct. 27). A similar proposal that includes credit unions was made by the governor of Illinois. The league said it is encouraging Corzine to include credit unions in a manner similar to the Illinois plan. “If ever there were a time for a comprehensive, non-partisan economic plan by New Jersey’s elected officials, it is in today’s circumstances,” Corzine said. “The unprecedented and evolving financial crisis of the past several months has already significantly weakened America’s, and the state’s economies. It undoubtedly will bring more severe challenges in the months ahead.”
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