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Assembly Commerce and Economic Development Committee Statement to Assembly, No. 4516 (December 14, 2020)

Summary

An Assembly Commerce and Economic Development Committee statement to Assembly, No. 4516, State of New Jersey, dated December 14, 2020, reporting the bill favorably. The bill establishes the position of Minority Depository Institution Coordinator within the New Jersey Economic Development Authority. The EDA is to work with the Chief Diversity Officer in the Division of Purchase and Property to create an application process and select the coordinator, who is to help identify and reduce administrative barriers to minority depository institution participation in EDA loan and bonding programs. The EDA must report to the Legislature 120 days after enactment on the steps taken.

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“Assembly Commerce and Economic Development Committee Statement to Assembly, No. 4516 (December 14, 2020).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/a4516-ace-statement-12-14-20-b49c30ab23/, SHA-256 d1d2c45005e70c152693d69830600409f84cea2885e3705d182f2daef458c05d.

Full text

ASSEMBLY COMMERCE AND ECONOMIC DEVELOPMENT COMMITTEE

STATEMENT TO

ASSEMBLY,
No. 4516

STATE
OF NEW JERSEY

DATED: DECEMBER
14, 2020

The Assembly Commerce and Economic Development
Committee reports favorably Assembly Bill No. 4516.

This bill establishes the position of Minority
Depository Institution Coordinator within the New Jersey Economic Development
Authority (EDA). The bill requires the EDA to collaborate with the Chief Diversity
Officer in the Division of Purchase and Property in the State Department of the
Treasury, to create an application process for the position of Minority
Depository Institution Coordinator and then select an individual for the
position. The bill requires the coordinator to collaborate with the Chief
Diversity Officer and the EDA board to identify and reduce any administrative
barriers that limit participation by minority depository institutions in EDA
loan and bonding programs.

The bill requires the EDA to submit a report to the
Legislature 120 days after enactment outlining the steps taken by the Minority
Depository Institution Coordinator to identify and reduce administrative
barriers to minority depository institution participation in EDA loan and bonding
programs.

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