Corzine Might Revamp Several State Agencies

Almost lost amid the campaign rhetoric of the past several weeks, Corzine, a former chairman of Goldman Sachs who has represented New Jersey in the US Senate since 2001, laid out plans for the future of several state agencies that relate directly to business. The most sweeping change promised by Corzine before the election involves the Commerce, Economic Growth and Tourism Commission, which would be replaced by a slimmed-down agency called the Governor's Office of Economic Growth.

The new agency would also have its substantial financial teeth figuratively pulled. The existing Commerce Commission has had a great deal of power in terms of offering financial incentives to businesses, but under plans outlined by the governor-elect, all of the business growth-related programs operated by Commerce and more than a dozen other state agencies would by transferred to the New Jersey Economic Development Authority.

Corzine has also said he would, if elected, initiate a number of new programs, including an innovation fund. The money, which would come from public bonding, would be used to foster research in several technology sectors, including biotech, telecom, imaging technology and renewable energy.

Other new, proposed programs floated by Corzine along the campaign trail included the creation of an urban investment bank to assist small businesses, and public/private sector work force training programs for healthcare and technology. Before the election, the governor-elect also addressed the controversial fast-track permitting issue. Legislation to speed up the permitting process in certain urban and suburban parts of the state was passed and signed during the administration of former Gov. James McGreevey, but was never implemented because of the controversy it raised. Corzine's stated position would speed up the process in urban areas, but calls for even more strenuous review outside of the cities.