TRENTON – Assembly Democrats released the following statements today as Assembly committees held unprecedented hearings on how to ensure New Jersey workers and businesses emerge strong from the national economic crisis:

Assembly Speaker Joseph J. Roberts Jr. (D-Camden):
“We’re already taken critical steps to revive the state’s economy, but this crisis now requires unprecedented focus. New Jersey gets hit hard by Wall Street’s struggles, but we also need to look out for our hard-working lower- and middle-income families and small businesses struggling to get by and wondering what may come next.”

Assembly Majority Leader Bonnie Watson Coleman (D-Mercer):
“We’ve heard a lot about how this crisis is hurting Wall Street, but not enough about how this crisis is hurting average New Jerseyans already struggling to pay their mortgages and rent, buy groceries, fill the tank, pay the doctor and save for retirement.”

Assembly Budget Chairman Lou Greenwald (D-Camden) on plans to enable businesses to write-down net operating losses for up to 20 tax years, as opposed to the currently allowed seven years:

“This is aimed squarely at the small businesses that are the lifeblood of this state. Small businesses need every chance to stay competitive, invest in their operations and retain precious jobs. This move builds on other vital steps we’ve taken to ensure businesses that employ our residents remain strong and is just what these tough times require.”

Assembly Housing and Local Government Committee Chairman Jerry Green (D-Union) on home mortgage and foreclosure concerns:

“Homeownership has long been the American dream and is key to helping foster stable and vibrant neighborhoods where families feel safe and children prosper. The ongoing home mortgage and foreclosure crisis has threatened not only a way of life for many New Jerseyans, but their future. Answers aren’t easily found, but we must strive to find them as we work to keep the American dream alive for so many New Jerseyans.”

Assembly Telecommunications and Utilities Chairman Upendra Chivukula (D-Somerset) on plans to help residents pay heating bills while also promoting new jobs from alternative energies:
“With cold weather approaching, the national upheaval could not have come at a worse time for consumers. We must ensure that New Jerseyans across the spectrum will be able to literally weather this economic crisis while keeping an eye on the emerging technologies that can fuel the state in the future.”

Assembly Health and Senior Services Chairman Herb Conaway (D-Burlington) on health care worries:

“New Jersey’s families already have enough to worry about without having to fear that their very health could push them even further toward the edge. The state already has a strong set of programs available to protect our most vulnerable residents. However, we need to ensure that system does not collapse under the weight of having to take care of countless new residents caught in the economic storm.”

Assembly Financial Institutions and Insurance Committee Chairman Gary Schaer (D-Passaic) on the mortgage and foreclosure crisis:

“For an increasing number of New Jersey families, the ongoing woes in the mortgage industry have combined with the recent Wall Street meltdown to create a perfect storm that threatens their very ability to stay in their homes. Homeowners and prospective home buyers need confidence that their dreams of being able to afford a place to call home will not dissipate in the current crisis. Working together, government, business, and consumers all can emerge from this situation intact.”

Assembly Human Services Chairwoman Sheila Y. Oliver (D-Essex) on social service worries:
“We must protect residents from the fallout of the recent economic collapse by shoring-up the safety net of essential services. New Jersey depends on federal aid to help fund its many programs. Already strained state taxpayers should not be left on the hook to cover every additional penny needed to help every family affected by this crisis.”

Assembly Environment and Natural Resources Chairman John McKeon (D-Essex) on alternative energies:

“ With prices for natural gas and oil continually climbing, now is the time to look at whether non-traditional sources of energy can help stabilize or even lower utility bills for residents and businesses The current crisis presents an opportunity for us to collectively plan for our long-term energy needs.”

Assembly Commerce and Economic Development Chairman Joseph Vas (D-Middlesex) on a series of bills he sponsored to further improve the state’s business climate:

“New Jersey has the strength to successfully weather the worst of this financial storm, but only if we continue to take decisive action. We must do whatever we can to keep New Jerseyans gainfully employed and continue making the state a great place to do business.”

Assembly Law and Public Safety Committee Chairman Gordon Johnson (D-Bergen) on federal and state oversight of the financial services industry:

“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. 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.”

Assembly Regulated Professions Chairman Vincent Prieto (D-Hudson) on enhancing consumer protections:

“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. 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.”

Assemblywoman Pam Lampitt (D-Camden) on boosting the economy through green jobs:

“ We need to stop looking at wind and solar power as novelties and start viewing them as a viable, home-grown energy industry that can create new jobs here in New Jersey. Actively promoting the expansion of alternative energy can be a win for ratepayers, a win for the economy and a win for the environment.”