As the budget deadline approaches today, the New Jersey Chamber of Commerce urges state leaders to act responsibly and do the right thing for all of New Jersey.
We understand the debate continues over the Horizon restructuring legislation (S-4), but that should not stand in the way of passing a responsible budget.
There is no need to rush the Horizon legislation.
The significance of this legislation to the company and to our state's future is so impactful that a full vetting and discussion needs to take place before any final decisions are reached.
On the other hand, if the budget is not passed today, a government shutdown would immediately hurt many people in our state including some of our most vulnerable citizens who rely on state services.
A government shutdown would close a number of beaches and favorite tourist destinations. This would be devastating to our tourism industry during this Fourth of July weekend and cost the state millions of dollars in lost revenue.
The New Jersey Chamber of Commerce urges state leaders to keep the bigger picture in mind and do what is right for all of New Jersey's citizens by passing the budget today.
The NJ Chamber of Commerce staunchly opposes any interference with the daily operation of Horizon Blue Cross Blue Shield New Jersey or the acquisition of any of its assets.
We are very disappointed that Senate Bill S-4 was voted out of committee yesterday. We were further disappointed by the votes of some who supported the bill.
The problem addressed does not require legislation. There are many other reasonable, ethical and viable solutions that have not even been considered.
We believe the victims of this legislation will far outnumber the proposed beneficiaries.
The ramifications of S-4 are so broad and far reaching that it must have a more thorough analysis of its impact. It should not be rushed through the legislature during the waning days of the state budget deliberations.
We believe a thorough analysis of this legislation would show a vast number of negative and unintended consequences resulting from its passage including:
- the future financial viability of Horizon, the state's largest health insurer;
- the impact on Horizon's 3.8 million policyholders which represent one-third of the state's population;
- the criteria by which the Department of Banking and Insurance would be allowed to reach into other non-profits is ill-defined;
- the impact on New Jersey's ability to attract and retain businesses in a state that desperately needs growth;
- the impact on our state image and the free enterprise system functioning within the state.
The NJ Chamber realizes that by not passing this legislation there is the potential of a government shutdown.
The shutdown will be temporary. The negative impact of this legislation will be permanent.
It will cause businesses to shut down, jobs to be lost, significant economic distress and serve as a blow to our state's reputation as "business-friendly."
We believe the negative ramifications of this legislation could greatly impede any hope our state has of regaining a decent level of economic prosperity.
For these reasons we strongly urge Assembly Speaker Vincent Prieto to hold the line and not post this bill for consideration at this time.
The 30-year Lottery Enterprise Contribution will reduce the pension system`s unfunded liability, elevate its funded ratio and reduce the General Fund obligation - thereby helping transform New Jersey`s fiscal outlook.
Also, the treasurer has indicated that this transaction will not impact recipients of lottery funds, which adds to the viability of this proposal.
This is a significant step in solving our pension crisis.
We hope our pensioners view this positively and assist in solving the crisis by modifying the healthcare component of their pension.
We encourage the state Legislature to support this proposal.
- 2017-06-14
Guadagno, Murphy Join Our Party Two Days after their Primary Victories
Two of the special guests attending the 20th annual NJ Chamber Open House in Trenton on June 8 were Republican Kim Guadagno and Democrat Phil Murphy. Fresh off their primary victories, the major party gubernatorial candidates mingled with New Jersey Chamber of Commerce members, as well as dozens of state legislators, county executives and mayors. The candidates even took a few minutes to congratulate each other, and pose together for a few photos.
- 2017-06-12
Robert H. Doherty, state president for New Jersey at Bank of America, has been named chairman of the New Jersey Chamber of Commerce Board of Directors. The move was confirmed by the Chamber Board on June 6. Doherty will serve a two-year term.
- 2017-06-08
The N.J. Chamber of Commerce supported the “Transition Summit” June 8 at Joint Base McGuire-Dix-Lakehurst, a job fair for military members on the verge of entering the workforce.
The two-day Summit gives members of the Armed Forces, facing the transition to civilian life, a chance to talk to employers about job opportunities.
- 2017-05-31
NJ Treasurer to Business Leaders:
Lottery Plan Would Ultimately Fully Fund Pension System
Gov. Chris Christie's proposal to leverage state lottery proceeds to bolster the massively underfunded public employee pension system would make the pension system nearly fully funded in 30 years, said state treasurer Ford M. Scudder. His remarks came during an address to business leaders May 31 at a breakfast in East Windsor presented jointly by the New Jersey Chamber of Commerce and the New Jersey Business & Industry Association.
- 2017-05-25
The New Jersey Chamber of Commerce proudly participated in the 35th Annual Parade of Wreaths at Joint Base McGuire-Dix-Lakehurst May 25, 2017. The ceremony honored the fallen in the U.S. Armed Forces and in the New Jersey State Police.
More than 300 service members representing all branches, as well as a large contingent of state troopers, attended the ceremony.
- 2017-05-23
N.J. Chamber of Commerce President and CEO
Thomas Bracken's Statement on NJ's Unemployment Rate
and Economic Progress
Gov. Christie's report today on New Jersey's unemployment rate and private sector job growth is good news for our state.
Under Gov. Christie's pro-business agenda and with the support of the Legislature, we have made progress in the past seven years.
Lower taxes, reduced red tape and common sense fiscal policies have all contributed to the numbers outlined today by the Governor.
As we approach election season, we urge all of our leaders in Trenton to stay vigilant, and continue to maintain a pro-business agenda and the tax reforms enacted in the last seven years which will continue to grow jobs and improve our economy.
- 2017-05-18
The ping of driver meeting golf ball. The smell of fresh cut grass. The chirping of birds. And a beautiful golf course. This was the setting on May 15 for the 6th annual N.J. Chamber Golf Challenge, where business leaders plied their skill on 18 holes at the elegant Bedens Brook Club in Skillman.