Sarlo Wants Answers About Proposed Public Benefits Corporation

Senator Paul Sarlo (center), D-Bergen, Essex and Passaic, speaks with Assemblymen Reed Gusciora (left) and Jeff Van Drew (right)

TRENTON – Senator Paul A. Sarlo, Vice Chair of the Senate Budget & Appropriations Committee, today said the Corzine Administration needs to “spotlight the specific inner workings” of the public benefits corporation that would oversee State toll roads under the proposed fiscal restructuring and debt reduction plan.

“I’d like to hear how the stockholders and board of directors of the PBC get selected,” said Senator Sarlo, D-Bergen, Essex and Passaic. “I’d like to know, too, about the potential compensation for the executive director.”

Corzine aides, financial consultants, labor experts and members of the public have been invited to the Senate Budget panel’s special hearing on the Governor’s fiscal restructuring and debt reduction plan which is set to begin at 3 p.m. on Wednesday, Jan. 23rd. in Room 4 of the State House Annex.

“I hope they (Corzine administration aides) come prepared to spotlight the specific inner workings of the PBC, which appears to be the long-term linchpin of the plan,” Senator Sarlo said. “I’ve heard how the PBC is supposed to function under some form of protective casing to shield it from outside influences, but I would like to hear how that would be structured.”

Senator Sarlo said he is reading up on the information made available so far, but agrees with other Senate Democratic Leaders such as Senate President Richard J. Codey, Senate Majority Leader Stephen M. Sweeney and Senator Barbara Buono, the Chair of the Budget Committee, that “total and absolute disclosure of all aspects of the plan” will be needed on Wednesday.

“The Governor’s articulating a coherent goal about the importance of reducing our debt, but to build the road to get there, we’ll need a specific list of materials,” Senator Sarlo said.