TO: Members of the New Jersey Senate 

FROM: Hilary Chebra, Manager, Government Affairs, CCSNJ

RE:                           S-1196/A-3062 (Pou/Cruz-Perez/Pintor Marin/Moen/Reynolds-Jackson)

The Chamber of Commerce Southern New Jersey (CCSNJ) would like to express our support for S-1196/A-3062 (Pou/Cruz-Perez/Pintor Marin/Moen/Reynolds-Jackson), which establishes a three-year “Financial Empowerment Pilot Program” in the New Jersey Department of Community Affairs (NJDCA).

The CCSNJ commends the sponsors of this important bill that, if implemented, could assist in enhancing financial literacy for economically vulnerable individuals in the cities of Camden, New Brunswick, Trenton, Newark and Paterson. Educating residents on the topics of credit management, savings, debt management, and homeownership will provide a solid foundation for long-term financial success and encourage responsible financial decisions.

As currently written, the bill creates a three-year “Financial Empowerment Pilot Program” run by NJDCA in consultation with the participating municipality, which has a vested interest in assuring their residents are educated on the importance of responsible financial planning. The municipality will also contract with a non-profit provider to establish a financial empowerment center in their city that would serve as a resource for the community as a whole, as well as those participating in the program.

Unfortunately, many individuals in economically distressed areas struggle with understanding the importance of financial literacy. This Pilot Program aims at educating these individuals, which will not only help them succeed personally, but also become a financially stable resident of their city. The benefit from easily accessible forums, programs, and literature on the importance of financial literacy and personal financial coaching will be an invaluable tool for those participating in the program and the community as a whole.

For these reasons, the CCSNJ urges you to support S-1196/A-3062 (Pou / Cruz-Perez / Pintor Marin / Moen / Reynolds-Jackson).