New Jersey Governor-elect Phil Murphy announced Wednesday the nomination of Assemblywoman Liz Muoio, D-Pennington, as state treasurer.
If Murphy’s appointment is confirmed by the state Senate, Muoio, 54, would become just the second woman to hold the office, replacing Ford Scudder, who was appointed by outgoing Gov. Chris Christie in late 2015.
“We must return to being the state we once were not so many years ago: fiscally responsible, honest, and respected, while standing for all the right things,” Murphy said in a statement. “We also need to grow our economy, so that we can achieve the strength and fairness our state so desperately needs.”
The treasurer's office oversees state bond issuances and investments, among other things.
New Jersey incurred 11 bond rating downgrades over Christie’s two terms as governor driven largely by rising unfunded pension liabilities. The Garden State has ratings of A3 from Moody’s Investors Service, A-minus from S&P Global Ratings and A from both Fitch Ratings and Kroll Bond Rating Agency.
“We know the challenges that have brought us to this point, and we know that this was not a situation that was created overnight nor one that can be laid at the feet of any particular person or group,” said Muoio in a statement. “I look forward to putting my experience as an elected official at the local, county and state level to work in collaborating with officials at all levels across the state to develop sound, responsive, and progressive fiscal policies and plans that provide relief and hope for New Jersey residents.”
Muoio, who was first appointed to the assembly in January 2015, serves on the Assembly Budget Committee, and in this role has advocated to provide state funding for those in need, according to Murphy. She has also been director of the Mercer County Office of Economic Development and Sustainability since 2008.
“Being our State Treasurer is more than just crunching the numbers come budget time – it also entails being on the leading edge of economic policies that will support our middle class,” said Murphy. “With her as my partner, we will base our budgets solidly in reality, with honest numbers and with achievable goals.”
Muoio, an attorney, was appointed to the Assembly when she was a member of the Mercer County Board of Chosen Freeholders. She was previously a member of the Pennington Borough Council from 1997 to 2002. mMuoio received her law degree from Georgetown University Law School and bachelor's degree from Wesleyan University.