Murphy names Assemblywoman Caride to head N.J. banking department

New Jersey Gov.-elect Phil Murphy has continued his push for diversity in selecting members of his cabinet, nominating a Cuban-American legislator to be the next commissioner of the Department of Banking and Insurance.

Assemblywoman Marlene Caride will have a role in implementing his signature campaign pledge of creating a public bank, Murphy said Tuesday.

Establishing a public bank for New Jersey will help the state’s economy grow, she said.

“This, to me, is a wonderful idea,” Caride said. “It will help to support our small businesses. It’ll help our college students obtain loans at a lower interest level. And it’ll help us to fund small infrastructure projects in this state.”

She said she will also work to ensure New Jersey residents are treated fairly by lending institutions and insurance companies.

“I see what’s happening in Washington with regards to our health care, and that worries me,” she said. “And we need to make sure as a state that we are prepared to help our residents should the Affordable Care Act be repealed or severely crippled.”

Caride, who represents parts of Bergen and Passaic counties, doesn’t have a background in banking. But as a lawyer, she said she has dealt directly with mortgage companies on real estate, short sales, and foreclosure matters.

A member of the Legislature since 2012, Caride sits on the Assembly’s Financial Institutions and Insurance Committee.

She says she was “humbled” to be selected and credited her parents who left Cuba for the United States with encouraging her to pursue the “American dream.”

The Associated Press contributed to this report.