New Jersey Assembly Bill A1267

New Jersey 2022-2023 Regular Session

• Introduced: 1/11/22
• Refer: 1/11/22

Caption

Requires public agency receiving State funds to post on website use of State funds for public work contracts with minority, women, and veteran owned businesses.

Impact

This legislation seeks to enhance accountability and promote equity by illuminating the distribution of state funds among diverse business types. By requiring regular updates and annual reporting on contracts awarded to minority, women, and veteran-owned businesses, the bill intends to foster a competitive environment where such businesses receive fair consideration in public contracts. This could lead to increased opportunities for these traditionally underrepresented groups within the state economy.

Summary

Bill A1267 mandates that any public agency receiving State funds for public work is required to openly disclose how much of those funds are allocated to contracts with businesses owned by minorities, women, and veterans. The act aims to ensure transparency in the use of public funds, obligating agencies to post detailed accounting on their main websites for public scrutiny. Should a public agency lack a website, they must submit this information to the Department of Labor and Workforce Development, which will maintain an online record accessible to the public.

Contention

Debate surrounding A1267 may arise from opposing views on government intervention in business. Proponents are likely to emphasize the importance of supporting minority and veteran businesses to rectify historical disadvantages, while skeptics might argue that such regulations could inadvertently limit contract opportunities for other qualified businesses. Additionally, there may be concerns regarding the administrative burden placed on public agencies in maintaining and updating the required disclosures, which critics may view as an unnecessary complication.