Bill Text: NJ AR92 | 2014-2015 | Regular Session | Introduced
Bill Title: Urges financial institutions to make financial assistance readily available to citizens and local governments affected by natural disasters.
Spectrum: Partisan Bill (Democrat 8-0)
Status: (Passed) 2014-06-16 - Filed with Secretary of State [AR92 Detail]
Download: New_Jersey-2014-AR92-Introduced.html
Sponsored by:
Assemblyman WAYNE P. DEANGELO
District 14 (Mercer and Middlesex)
SYNOPSIS
Urges financial institutions to make financial assistance readily available to citizens and local governments affected by natural disasters.
CURRENT VERSION OF TEXT
As introduced.
An Assembly Resolution urging financial institutions to make financial assistance readily available to citizens and local government entities affected by natural disasters.
Whereas, Beginning on October 28, 2012, and continuing at least through October 30, 2012, the State of New Jersey experienced great devastation during the assault of Hurricane Sandy on the people and property of the State; and
Whereas, The tremendous damage caused by high winds, waves, storm surge, flooding and fires associated with Hurricane Sandy devastated entire communities across the State and resulted in an estimated $36 billion in damage to the State's infrastructure, both private and public; and
Whereas, On October 30, 2012, the President of the United States issued a major disaster declaration for New Jersey and authorized the Federal Emergency Management Agency (FEMA) to provide financial assistance to property and business owners whose residences and businesses were damaged or destroyed, and to local government entities and agencies to help pay for emergency work, debris removal and the repair and replacement of disaster-damaged facilities; and
Whereas, While FEMA's financial assistance to private homeowners, businesses, and local units of government helped the citizens and governments of this State begin to recover from the effects of Sandy and to rebuild lives and property, in some cases that initial federal financial assistance did not provide affected property owners with a speedy and complete financial recovery, and did not enable municipalities and counties to finance emergent cleanup efforts; and
Whereas, In order to alleviate the immediate impact of the destruction caused by hurricanes and similar natural disasters, local units of government may find it necessary to borrow money on a short-term basis to meet the needs of budgeted operations when cash flow shortfalls due to these extraordinarily exigent circumstances occur, or when regular or special emergency appropriations are authorized pursuant to the "Local Budget Law," N.J.S.40A:4-1 et seq., prior to the disbursement of public assistance to local governments by FEMA; and
Whereas, It is in the public interest of this State that the financial institutions doing business in this State should respond quickly and compassionately to the needs of its citizens in the face of unprecedented and unparalleled catastrophes such as Hurricane Sandy and similarly devastating natural disasters; now, therefore,
Be It Resolved by the General Assembly of the State of New Jersey:
1. This House respectfully urges the financial institutions regulated by, or otherwise doing business in this State to make financial assistance readily available to those citizens and governments of this State affected by natural disasters, including individual property owners, businesses, and local governmental units, in the form of loans, including, where appropriate, short-term, low- or zero- interest loans or such other forms of financial assistance as may quickly and efficiently facilitate the rebuilding of the homes, businesses, and governmental infrastructure of this State.
2. Copies of this resolution, as filed with the Secretary of State, shall be transmitted by the Clerk of the General Assembly to the Commissioner of Banking and Insurance of New Jersey, the Chairman and the President and Chief Executive Officer of the New Jersey Bankers Association, and to the chief executive officer, president or other chief executive of each State or federally chartered bank, savings bank, savings and loan association, building and loan association, and credit union doing business in the State, as provided by the Commissioner of Banking and Insurance.
STATEMENT
This Assembly resolution urges New Jersey's financial institutions to make financial assistance readily available to individual property owners, businesses and local governmental units severely affected by natural disasters. This assistance could include, as appropriate, short-term, low- or zero- interest loans or such other forms of financial assistance as may quickly and efficiently facilitate the rebuilding of the homes, businesses, and governmental infrastructure of this State.
In the wake of the unprecedented destruction of Hurricane Sandy, the second costliest hurricane in U.S. history and largest Atlantic coastal hurricane on record, the resolution calls upon the State's banking and lending institutions to respond quickly and compassionately to the needs of its citizens in the face of such catastrophes going forward.
