Steve Sweeney

TRENTON – Senate President Stephen M. Sweeney said news that the U.S. Securities and Exchange Commission had charged the state with securities fraud for failure to tell potential investors that public pension funds were being chronically underfunded highlights the need for the Governor to take the current $3.5 billion pension obligation more seriously.

Sweeney also questioned why the Treasurer’s office, through its lawyers in the matter, tried to keep the settlement – entered into nearly two months ago – secret. The SEC announced the charges and settlement in a press release earlier today.

TRENTON – Senate President Stephen M. Sweeney today questioned Governor Christie’s judgment in cavalierly declaring he might defy a law that passed with bipartisan support and that he himself championed and signed. Christie said he was considering not making a minimum payment next year to the state pension system, contrary to law passed in March to put the state on a seven-year path to meeting its full obligation.

“Governor Christie hailed our bipartisan pension reforms as a ‘great day for New Jersey,’ but he’s already trying to laugh away a law he championed and put his signature on,” said Sweeney (D-Gloucester, Cumberland, Salem). “The longer this obligation goes unpaid, the bigger of a drag it will become on every future budget. The Governor can’t simply skip paying his bills at home, and he shouldn’t be doing it at the State House.”

(TRENTON) – Senate President Stephen M. Sweeney and Assembly Speaker Sheila Y. Oliver today said the gaming summit kicking-off Friday in Atlantic City will serve as the legislative Democrats’ answer to the Hanson Commission, which was created by gubernatorial executive order.

“The Governor and the Republicans had their task force, and now Democrats have our fact-finding mission,” said Sweeney (D-Gloucester/Cumberland/Salem). “Regardless of party, the goal remains the same: create a path for renewal and rejuvenation of the state’s gaming, sports and entertainment industries. All areas of the state and points of view are being represented and I am quite sure the discussions will bear that out.”