Schaer will replace Cohen as key committee chairman
By EditorAssemblyman Gary Schaer (D-Passaic) is expected to be named chairman of the Assembly Financial Institutions and Insurance Committee. The post became available in July when Neil Cohen resigned his Assembly seat after being caught with child pornography on his state computer. A formal announcement from Speaker Joseph Roberts is expected to come later this afternoon.
With jurisdiction over the banking and insurance industries, the committee is considered to be one of the most powerful assignments in the Legislature. Schaer, a two-term Assemblyman, has a background and career in the financial services industry and has formed a solid relationship with Roberts. For now, Schaer will retain his vice chairmanship of the Assembly Budget Committee.
Ironically, this is the second time this year Schaer has been the beneficiary of a resignation. He became the Acting Mayor of Passaic when Sammy Rivera resigned follwing his criminal conviction.
Schaer does not currently serve on the Financial Institutions and Insurance Committee, and was chosen over four Democrats currently on the panel: Jack Conners (D-Pennsuaken), John McKeon (D-West Orange), John Wisniewski (D-Sayreville) and Grace Spencer (D-Newark). All but Spencer, a freshman, already chair full Assembly committees.
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