Wednesday, December 15, 2010 9:08:46 AM
TRENTON, N.J. - Assemblyman Fred Scalera (D-36), who introduced legislation to reform New Jersey's forty-year old municipal deposits law to enable local government entities to include credit unions when considering potential depositories, recently resigned his legislative post to accept a position in the private sector.
Assembly Speaker Sheila Oliver (D-34) has added her name as primary sponsor, replacing Scalera. The speaker presides over the lower house of the Legislature and as such is among the state's most influential elected officials.
The legislation passed the state Senate in June. With two prime sponsors and eight cosponsors still on the Assembly bill, the measure did not die with Scalera's departure.
The addition of the Assembly's top leader gives the legislation added momentum.
"While we're sorry to see Fred Scalera move on and appreciate his leadership on this important issue to taxpayers and credit unions alike, we're very excited to have Speaker Oliver step in. The addition of the Assembly's top leader gives the legislation added momentum," NJCUL President /CEO Paul Gentile said.