TRENTON, N.J. — Governor Phil Murphy and Lieutenant Governor Tahesha Way announced the release of the Wealth Disparity Task Force’s report Friday, outlining the root causes of economic disparities affecting Black and Latino New Jerseyans and recommending strategies to close opportunity gaps.
The report, titled New Jersey – Building A State of Opportunity, was shaped by the late Lieutenant Governor Sheila Y. Oliver, who co-chaired the task force until her passing. The findings highlight historical and systemic factors that have led to generational wealth gaps and propose policy changes to foster economic equity.
“The findings in this report underscore the persistent wealth disparities that Black and Latino communities have endured for generations,” Murphy said. “Ending these longstanding disparities is essential to cementing New Jersey’s reputation as the state of opportunity. While I am proud that our administration has already acted upon a number of the recommendations in this report, we clearly have much more work to do.”
Lt. Gov. Way emphasized the importance of understanding historical injustices. “Through the lens of history, each of us can better identify past discrimination and understand the origins of the structural barriers that persist today,” she said.
The report traces wealth disparities back to slavery and discriminatory laws in New Jersey, which was the last Northern state to abolish slavery. The task force, formed by Murphy’s Executive Order No. 262 in 2021, was divided into five working groups focused on housing, economy, health, education, and criminal justice.
Key Task Force Recommendations
The report proposes 30 recommendations, including first-generation down payment assistance programs, the establishment of a Social Impact Investment Fund, expanding college affordability programs, and targeted economic policies to address disparities in business ownership and employment.
State Officials and Experts Respond
Rutgers University President Dr. Jonathan Holloway, a co-chair of the task force, stressed the interconnectedness of wealth disparities. “The proposals that the task force has generated share a focus on the interconnections we all have as we aspire to form a safer, more stable society,” he said.
New Jersey Economic Development Authority CEO Tim Sullivan noted that while progress has been made, “our work is far from finished.” He highlighted initiatives to break down barriers to accessing capital and revitalizing underserved communities.
State Treasurer Elizabeth Maher Muoio pointed to Treasury’s efforts to create greater equity, including waiving certification fees for small, minority, and women-owned businesses.
Labor Commissioner Robert Asaro-Angelo emphasized expanding apprenticeships and job training for marginalized communities, while Camden Coalition Chief Medical Officer Dr. Jubril Oyeyemi underscored the link between poverty and health outcomes.
Next Steps
Following the report’s release, task force members and community leaders will gather in March to honor Lt. Gov. Oliver’s legacy and discuss implementation strategies.
State officials say the report serves as a roadmap for addressing racial wealth disparities and fostering long-term economic equity in New Jersey.