On February 13, the Senate Commerce Committee considered S-1196 (Pou), which establishes a three-year “Financial Empowerment Pilot Program” in the cities of Camden, Newark and Paterson. The CCSNJ strongly supported this measure.

The bill would assist in enhancing financial literacy for economically vulnerable individuals, educating residents on the topics of credit management, savings, debt management, and homeownership. As currently written, the Program would be overseen by the New Jersey Department of Community Affairs (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 nonprofit provider to establish a financial empowerment center in their city that would serve as a resource for the community, as well as those participating in the program.

S-1196 (Pou) by a vote of 5-0 and awaits consideration by the Senate Budget & Appropriations Committee.