"State Bank of New Jersey Act."

The "State Bank of New Jersey Act" (S 1144) creates a state-owned bank to provide financial services focused on supporting small businesses, affordable housing, community development, and infrastructure projects across New Jersey. The bank will use state funds deposited by the State Treasurer and other public sources to make loans under standard interest rates (matching state-chartered banks) while prioritizing fair lending and economic development. It directly affects New Jersey residents and businesses - especially small enterprises and underserved communities - by offering a public alternative to private banking for key economic needs. The bank must operate under a 13-member board appointed by the Governor, with specific expertise requirements, and cannot lend to its own board members or associates.