TRENTON – A bipartisan measure sponsored by Senator Jeff Van Drew, Senator Christopher Connors and Senate President Steve Sweeney urging New Jersey banks to make financial assistance readily available to individual property owners, businesses, and local governments affected by Hurricane Sandy was approved today by a Senate committee.
“The unprecedented damage caused by Hurricane Sandy has devastated entire communities, leaving residents, businesses and local governments in dire need of financial help to cover emergency expenses,” said Senator Van Drew (D-Cape May/Cumberland/Atlantic). “We know that federal funding will be provided to many of those who were affected, but we are urging the banking and lending industry to make assistance available immediately so that the process of rebuilding can get under way.”
“Victims of the widespread damage caused by Hurricane Sandy, including homeowners and businesses, who are looking to put the pieces of their lives back together are in desperate need of substantial and immediate financial assistance that only lending institutions can provide,” said Senator Connors (R-Ocean/Burlington/Atlantic). “At the same time, local governments will need the financial resources for infrastructure repair to allow for a comprehensive and efficient recovery process to be completed in an acceptable time frame. Undoubtedly, the extent and speed with which lending institutions act will ultimately play a considerable and meaningful role in the state’s overall recovery effort, both economically and in terms of quality of life for state residents.”
“The devastation created by Sandy was like nothing this state had ever seen before. We are going to come out of this stronger than ever, but it is going to take a group effort to do so,” said Senate President Sweeney (D – Gloucester/Salem/Cumberland). “We have already seen the commitment from our first responders and those who have volunteered their time to assist in the clean up and recovery. New Jersey’s banks can now play a large role in that recovery by offering readily available financial assistance.”