Friday, January 07, 2011 11:39:00 AM
TRENTON, N.J. - Assemblyman Craig Coughlin (D-19) has added his name as a co-sponsor to legislation (A-1597) that would amend the state's forty-year old Governmental Unit Depository Protection Act (GUDPA) to enable counties, school boards, municipalities, and other local government entities to include credit unions when considering potential depositories. With the addition of his name, the measure now has 12 Assembly sponsors.
The bill was introduced last January by then Assemblyman and Deputy Speaker Fred Scalera (D-36), together with Deputy Speakers Uprenda Chivukula (D-17) and John Wisniewski (D-19). Scalera resigned from the Assembly in November to take a position in the private sector. In December, Assembly Speaker Sheila Oliver (D-34) replaced Scalera as a primary sponsor of the bill.
The Senate passed its companion bill (S-1807) in June by a 29-6 vote. The Assembly measure is pending consideration in the Assembly Financial Institutions & Insurance Committee.