Keeping a 2017 campaign promise Governor Murphy signed Executive Order No. 91 on Wednesday creating a Public Bank Implementation Board. The Board is tasked with developing an implementation plan for a public bank within one year. The private bank would hold the millions of taxpayer funds that are normally kept in commercial banks and use them for low-interest loans to small businesses, student loans, affordable housing and infrastructure projects that may not qualify for traditional funding. Murphy signed the order at a ceremony at New Jersey Citizens Action’s offices in Newark. New Jersey Citizens Action has been pushing the idea of a public bank for years.