S2552

TRENTON – A bill sponsored by Senate Majority Leader Steve Sweeney to give the State Division of Investment more options in terms of how they invest State cash management and pensions funds was signed into law last week by Governor Corzine.

“The current national economic crisis has demanded that we be more flexible with how New Jersey invests its money,” said Senator Sweeney, D-Gloucester, Cumberland and Salem. “With enhanced authority, the State Investment Council can invest funds in New Jersey bank and credit union accounts, which will help encourage lending to State businesses, small and large. This law will allow the Investment Council to immediately begin to reshape our State’s investment portfolio to increase the return while helping to rebuild New Jersey’s economy.”

TRENTON – A bill that would allow the state to invest a portion of its cash management funds in certificates of deposit, fixed income securities and other investments, sponsored by Senate Majority Leader Stephen Sweeney (D-Gloucester, Cumberland and Salem) was approved 37-0 today by the full Senate.

The bill (S-2552) would spur small business lending by New Jersey’s community banks by increasing their liquidity so they can make more and cheaper capital available to small businesses, local governments and individual borrowers.