Gov. Phil Murphy announced that Lt. Governor Sheila Oliver, Department of Banking and Insurance Commissioner Marlene Caride, Rutgers University President Dr. Jonathan Holloway, and Council of New Jersey Grantmakers President and CEO Maria Vizcarrondo will lead the Governor’s Wealth Disparity Task Force. They will be joined by additional government officials, academic researchers, and faith and community leaders to be announced at a later date.

“In my State of the State Address in 2020, a month before the pandemic swept over our state, I announced my intention to form a task force focused specifically on the issue of our state’s gaping racial wealth disparity,” said Governor Murphy. “Lieutenant Governor Oliver, Commissioner Caride, Dr. Holloway, and Maria Vizcarrondo are the right choices to lead the Wealth Disparity Task Force. As esteemed and experienced leaders in government and education, they are well qualified to tackle this issue and advocate for the inclusion of all in prosperous future of our state.”

“The gaps in aggregate intergenerational wealth that exist in our communities across New Jersey is a fundamental issue that divides us in many ways – from access to education, housing, and credit to wages and employment opportunities,” said Lt. Governor Sheila Oliver, who serves as Commissioner of the Department of Community Affairs. “I want to thank Governor Murphy for following through on his commitment to tackle this issue by creating the Wealth Disparity Taskforce. I look forward to joining my colleagues Commissioner Caride and President Holloway, and Maria Vizcarrondo to examine ways that our state can help address systemic problems head-on to help close these wealth gaps in our state.”

“I am honored to serve on the Governor’s Wealth Disparity Task Force as we work to address the underlying causes and the effects of the wealth disparity gap in New Jersey,” said Department of Banking and Insurance Commissioner Caride. “Diversity is our state’s great strength, and we are committed to making sure that residents of all communities within our state are a part of ensuring that New Jersey rises to its full potential.”

“I am flattered to have been asked to co-chair this critical task force,” said Rutgers University President Dr. Jonathan Holloway. “I am encouraged by the challenge to take a broad multi-disciplinary approach to the complicated causes of the racial wealth gap and excited by the Governor’s charge to suggest meaningful and realistic remedies and solutions to close that gap.”

“Thank you to Governor Murphy for appointing me as one of the leaders of the Wealth Disparity Task Force,” said Council of New Jersey Grantmakers President and CEO Maria Vizcarrondo. “I look forward to working with Lieutenant Governor Oliver, Commissioner Caride, and Dr. Holloway, and the other members of the task force. Promoting equity and battling wealth disparity is of the utmost importance, and we will immediately get to work on strategies to battle the racial wealth gap in our state.”

The Wealth Disparity Task Force will advise the Murphy Administration on strategies aimed at addressing the various causes and effects of wealth disparity in New Jersey. The task force will prioritize efforts towards equity among all members of the New Jersey community by studying the causes of the inequality that has prevented the state from reaching its full potential in the past. By working to achieve inclusion of groups and individuals who have previously been marginalized, the task force will create comprehensive strategies and solutions to achieve a fairer distribution of wealth in New Jersey.


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