***MULTIMEDIA PACKAGE*** Assembly Democrats Commentary on Financial Instiutitions Panel Economic Crisis Hearing

ASSEMBLY DEMOCRATS COMMENTARY ON FINANCIAL INSTITUTIONS PANEL ECONOMIC CRISIS HEARING

(TRENTON) - Democratic members of the Assembly Financial Institutions and Insurance Committee today issued a multimedia package on the panel's Monday hearing on the ongoing global economic crisis and the condition of New Jersey's financial institutions.

The Financial Institutions Committee heard testimony from five financial and economic experts:

• Rae Rosen, senior economist and assistant vice president, Federal Reserve Bank of New York;
• Steven M. Goldman, commissioner, New Jersey Department of Banking and Insurance;
• Caren S. Franzini, chief executive officer, New Jersey Economic Development Authority;
• John E. McWeeney, Jr., president and chief executive officer, New Jersey Bankers Association; and
• Anthony R. Calascibetta, practice leader, WISS & Co., Economic Advisory Team.

According to the committee chairman, Assemblyman Gary S. Schaer, "New Jersey is probably in better shape than many of us have thought and understood."

The multimedia package consists of a video press release on the panel's hearing, audio of same and a transcript of comments by Democratic committee members.

The video can be accessed directly via our Web site - www.assemblydems.com - or by clicking here.

The audio file is available upon request.

A transcript of statements by Democratic committee members is appended below:

Assemblyman Gary S. Schaer (D-Passaic), chairman:

"We're going to be hearing today from five invited and distinguished guests with the wealth of knowledge, experience and insight in these all important matters.  From them we hope to learn what New Jersey is currently encountering as we continue battling what has been called a global economic tsunami."

Assemblywoman L. Grace Spencer (D-Essex), vice-chair:

"We're at the precipice of making hard decisions that are going to have an impact on the state of New Jersey five years down the road.  We know that there's a crisis, and we know that there are certain things that we need to concentrate on."

Schaer:

"It seems to me that New Jersey is probably in better shape than many of us have thought and understood."

Assemblyman John S. Wisniewski (D-Middlesex):

"New Jersey is faring better than a lot of states, but certainly we're not doing as well as we'd like to.  New Jersey has the advantage of having a lot of what they call embedded wealth.  As a state, New Jersey is the first or second wealthiest state in the nation, which gives us cushion to absorb some of the more dire consequences of the financial crisis."

Schaer:

"This crisis, as we know, is not New Jersey's making. Our state did not cause the meltdown. Its causes are beyond our control and global in scope."

Assemblyman Jack Conners (D-Camden):

"I think today's meeting - and maybe what we can get out of the speakers today -  is a feeling that we are on the right track, that it is going to get better.  Yes, we're going through a recession and it's going to get difficult, but let's look forward and let's look at the positive things.  What can happen?  How can we get people to work?  How can we lend money?  How can we make things happen?"

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