SCHAER NAMED CHAIRMAN OF ASSEMBLY FINANCIAL INSTITUTIONS AND INSURANCE COMMITTEE

SCHAER NAMED CHAIRMAN OF ASSEMBLY FINANCIAL INSTITUTIONS AND INSURANCE COMMITTEE

(TRENTON) - Assemblyman Gary S. Schaer today was named the new chairman of the Assembly Financial Institutions and Insurance Committee. He will hold that post for the remainder of the 2008-09 legislative session.

Assembly Speaker Joseph J. Roberts, Jr. cited Schaer's professional experience within the financial services industry in naming him committee chairman.

"Assemblyman Schaer's vast financial knowledge and practical experience in the capital markets make him a clear choice to guide this committee," said Roberts (D-Camden). "Gary has an incredible grasp of how public policy effects individuals and an ability to translate arcane legislative language into plain English. In the areas of banking and finance, with their own very complex languages, these skills will undoubtedly serve New Jersey well."

"With the current economic climate, residents' concerns have turned to pocketbook issues of affordable health care, whether they will be able to make their mortgage payment and how they can save for a more secure retirement," said Schaer (D-Passaic). "These are extremely important issues for our state, and we must work with consumer advocates and business to strike the policy balance that is so essential to our success."

The Financial Institutions and Insurance Committee is responsible for issues such as banking, finance, trusts and estates, auto insurance, liability insurance, life insurance, product liability, property insurance and tort reform.

Schaer will continue to serve as vice-chairman of both the Assembly Budget and State Government committees.

Schaer has worked in the financial services industry for more than 20 years and currently is a financial advisor based in New York City.  He's also been a trustee of St. Mary's Hospital in Passaic since 1994.

The 36th Legislative District the Assemblyman represents includes Rutherford, Carlstadt, East Rutherford, Garfield, Lyndhurst, Moonachie, North Arlington, Wallington and Wood-Ridge in Bergen County; Passaic City in Passaic County and Nutley in Essex County.

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