New Jersey Governor-elect Phil Murphy, who made public banking part of his election platform, has just named Democratic Assemblywoman Eliabeth Maher Muoio to the post of State Treasurer. Assemblywoman Muoio is a supporter of public banking and her appointment to this critical post in the Garden State promises to move the concept of public banking forward as a major financial reform.
Pennsylvania Public Banking Institute volunteers played a key role in bringing the concept of public banking to the attention of the governor-elect, who was a Wall Street banker before running for office. It is significant to note that former bankers, including many of the original Occupy Wall Street demonstrators, embrace public banking as a financial system reform.
In Philadelphia the Public Banking group has been working on getting the City to underwrite a study on how to establish such a bank here.