Bill Text: NJ AR125 | 2012-2013 | Regular Session | Introduced
Bill Title: Urges New Jersey's financial institutions to make financial assistance, including short-term, low- or zero- interest loans, readily available to citizens and local governments affected by Hurricane Sandy.
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2012-12-06 - Introduced, Referred to Assembly Financial Institutions and Insurance Committee [AR125 Detail]
Download: New_Jersey-2012-AR125-Introduced.html
Sponsored by:
Assemblyman WAYNE P. DEANGELO
District 14 (Mercer and Middlesex)
SYNOPSIS
Urges New Jersey's financial institutions to make financial assistance, including short-term, low- or zero- interest loans, readily available to citizens and local governments affected by Hurricane Sandy.
CURRENT VERSION OF TEXT
As introduced.
An Assembly Resolution urging financial institutions to make financial assistance readily available to citizens and local government entities affected by Hurricane Sandy.
Whereas, Beginning on October 28, 2012, and continuing at least through October 30, 2012, the State of New Jersey experienced great devastation during the assault of Hurricane Sandy on the people and property of the State; and
Whereas, The tremendous damage caused by high winds, waves, storm surge, flooding and fires associated with Hurricane Sandy has devastated entire communities across the State and resulted in millions, if not billions, of dollars worth of damage to the State's infrastructure, both private and public; and
Whereas, On October 30, 2012, the President of the United States issued a major disaster declaration for New Jersey and authorized the Federal Emergency Management Agency (FEMA) to provide financial assistance to property owners whose primary residences were damaged or destroyed, to business owners, and to local government entities and agencies to help pay for emergency work and the repair and replacement of disaster-damaged facilities; and
Whereas, While FEMA's financial assistance to private homeowners, businesses, and local units of government will certainly help the citizens and governments of this State to recover from the effects of the storm and to rebuild lives and property, and is surely welcome support and encouragement to those affected by Hurricane Sandy, in some cases that financial assistance may not be enough, or come quickly enough, to allow for a speedy and complete financial recovery for affected property owners or to completely enable municipalities and counties to finance urgently needed cleanup efforts; and
Whereas, In order to alleviate the impact of the destruction caused by Hurricane Sandy, meet pressing needs for public expenditure, and begin the reconstruction of streets, roads, and bridges, local units of government may find it necessary to borrow money on a short-term basis to meet budgeted operations needs when cash flow shortfalls occur, or when regular or special emergency appropriations are authorized pursuant to the "Local Budget Law," N.J.S.40A:4-1 et seq., prior to the disbursement of public assistance to local governments by FEMA; and
Whereas, It is in the public interest of this State that New Jersey's financial infrastructure, that is, State and federally chartered banks, savings banks, savings and loan associations, building and loan associations, and credit unions, and other financial institutions, which do business in this State and thrive in the economy of this State, should respond quickly and compassionately to the needs of its citizens in the face of this unprecedented and unparalleled catastrophe; now, therefore,
Be It Resolved by the Assembly of the State of New Jersey:
1. This House respectfully urges the financial institutions regulated by or otherwise doing business in this State to make financial assistance readily available to those citizens and governments of this State affected by Hurricane Sandy, including individual property owners, businesses, and local governmental units, in the form of loans, including, where appropriate, short term, low- or zero- interest loans or such other forms of financial assistance as may quickly and efficiently facilitate the rebuilding of the homes, businesses, and governmental infrastructure of this State.
2. A duly authenticated copy of this resolution, signed by the Speaker of the General Assembly and attested to by the Clerk thereof, shall be transmitted to the Commissioner of Banking and Insurance of New Jersey, the Chairman and the President and Chief Executive Officer of the New Jersey Bankers Association, and to the chief executive officer, president or other chief executive of each State or federally chartered bank, savings bank, savings and loan association, building and loan association, and credit union doing business in the State, as provided by the Commissioner of Banking and Insurance.
STATEMENT
This Assembly resolution urges New Jersey's financial institutions to make financial assistance readily available to individual property owners, businesses and local governmental units affected by Hurricane Sandy. This assistance could include, where appropriate, short term, low- or zero- interest loans or such other forms of financial assistance as may quickly and efficiently facilitate the rebuilding of the homes, businesses, and governmental infrastructure of this State.
In the wake of the unprecedented destruction of the largest Atlantic hurricane on record, the resolution calls upon the State's banking and lending industry to respond quickly and compassionately to the needs of its citizens in the face of this unparalleled catastrophe.
