LAW AND PUBLIC SAFETY AND REGULATED PROFESSIONS TO HOLD JOINT MONDAY HEARING ON ENHANCING CONSUMER PROTECTIONS AND FINANCIAL IND

LAW AND PUBLIC SAFETY AND REGULATED PROFESSIONS TO HOLD JOINT MONDAY HEARING ON ENHANCING CONSUMER PROTECTIONS AND FINANCIAL INDUSTRY OVERSIGHT

(TRENTON) - The Assembly's Law and Public Safety and Regulated Professions committee s will meet jointly Monday to consider enhancing consumer protections against securities fraud and  hear testimony from the Attorney General and other invited guests on state and federal oversight of the financial industry.

The joint hearing is one of four joint committee meetings taking place as the Assembly investigates how New Jersey can emerge strong from the national economic crisis.

"The time has come for tough measures to crack down on those whose reckless actions contributed to the country's recent economic meltdown and put the savings of New Jersey families at risk," said Assemblyman Gordon Johnson (D-Bergen), chairman of the Law and Public Safety Committee. "With Wall Street having such an impact on our state, New Jersey needs to take a stand that the old, anything-goes way of banking cannot be allowed to continue."

"A $700 billion bailout of Wall Street is not going to be enough to ensure that New Jersey's working families have every opportunity to get back on their feet," said Assemblyman Vincent Prieto (D-Hudson), the regulated professions panel chair. "Rescuing Main Street will take a meaningful commitment from this Legislature toward enacting measures that clarify and strengthen the state's authority to protect consumers."

The committees are scheduled to meet at 2 p.m. Monday, October 6,in Committee Room 16, Fourth Floor, State House Annex, West State Street, Trenton.

The committees are expected to hear testimony from state Attorney General Anne Milgram and Public Advocate Ronald Chen regarding oversight of the financial services industry at both the state and federal levels.

The committees also have scheduled two measures for consideration.

One measure (A-2272), -- sponsored by Assemblyman Nilsa Cruz-Perez (D-Camden) - would include securities fraud as a crime punishable under the state's stringent Consumer Fraud Act.

The other bill (AR-156) would urge federal and state authorities to vigorously enforce existing laws and regulations pertaining to the financial services industry. It's sponsored by Assemblymen Nelson Albano and Matt Milam (both D-Cumberland/Atlantic/Cape May).

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