a. New Jersey residents could meaningfully benefit from expanded access to below-market-rate capital for socially beneficial projects, including support for public infrastructure, affordable housing and neighborhood revitalization, small business lending, early childhood education facilities, and higher education financing.

b. Access to capital is vitally important for the health, security, and well-being of all individuals and businesses in this State and the lack of accessible capital exacerbates the economic hardships being faced by working families and businesses.

c. Public banking is a model that could expand capital access by leveraging public and private dollars to finance and support sustainable and forward-thinking projects that would benefit the public interest.

d. A public banking model could address the unique needs and goals of community banking institutions, small businesses, and emerging and early-stage developers.

e. Recognizing the value that a public bank could provide, Governor Murphy issued Executive Order No. 91 of 2019 establishing a Public Bank Implementation Board responsible for studying and making recommendations to the Governor regarding the development of a public bank for New Jersey.

f. The Social Impact Investment Fund established by P.L.2023, c.67 (C. 52:18A-265 et seq.), inspired by the work of the Public Bank Implementation Board, will leverage public capital with investments from private sector institutions and individuals to create a lending pool to provide below-market-rate loans and guarantees to achieve positive social impacts.

g. It is the intent of the Legislature that the deployment of State funds through the Social Impact Investment Fund will demonstrate the potential of a public banking model to the benefit the residents of New Jersey.

L.2023, c.67, s.1.