SCHAER/GUSCIORA BILL STRENGTHENING COMMUNITY BANKS BECOMES LAW(TRENTON) - Legislation Assemblymen Gary Schaer and Reed Gusciora sponsored to allow the state to invest some of its cash and pension funds with federally insured New Jersey-based banks and credit unions was signed into law today by Gov. Jon S. Corzine.The law aims to enhance the liquidity of state-chartered financial institutions and provide them the ability to open lines of credit to in-state businesses and residents."Getting New Jersey's economy back on track calls for reopening lines of credit that small businesses rely on for their day-to-day survival and which homeowners can access to enhance their investments," said Schaer (D-Passaic). "Direct investment in our state-chartered banks will ensure that we can implement a truly home-grown plan for New Jersey's economic recovery.""Defrosting frozen lines of credit to small businesses and individuals is key to jumpstarting consumer spending and getting our economy working again," said Gusciora (D-Mercer). "Making New Jersey-chartered banks the epicenter of our recovery will benefit all sectors of the state."On the Net The Assembly Democratic Web site NJ Assembly Dems on YouTube NJ Assembly Dems e-mail alerts NJ Assembly Dems on Twitter NJ Assembly Dems on Flickr