Christie announced Eristoff’s appointment along with Bob Grady as Chair of the newly created Council of Economic Advisors and Al Koeppe as Chair of the New Jersey Economic Development Authority (EDA).
New Jersey faces a severe fiscal crisis and the announcement of Eristoff, along with economic and financial experts Grady and Koeppe, signals a strong commitment to putting the state’s finances in order. Eristoff brings years of on the job experience under both the Giuliani and Pataki administrations, while Grady and Koeppe bring strong finance and business credentials to the task of improving the state’s economic vitality.
The Council of Economic Advisors will be created by executive order under the new administration and will be made up of experienced experts who are able to provide a unique viewpoint from outside government. The Council will work hand in hand with the Governor’s office, Department of the Treasury, the Economic Development Authority and the New Jersey Partnership for Action to provide guidance and counsel on New Jersey’s tax and fiscal policy. The Council will serve as a way to bring different ideas and voices together and provide alternative perspectives.
The Council will continue the work of the Transition Committee’s Budget and Tax Taskforce. The Task Force has been developing recommendations to address the fiscal deficit that state experts have estimated at close to $10 billion for the coming fiscal year 2011, and respond to the shortfall in the current budget year.
The Council, under Grady’s leadership, will provide a blueprint for the Christie administration’s budget and tax policies to provide real relief that address the state’s economic challenges. Governor-Elect Chris Christie stated, “There can be no question that our state’s fiscal health is my first priority. We have already begun the work necessary to put together a realistic budget and address our skyrocketing deficit. This team of highly qualified team of fiscal experts is exactly the kind of leadership we need to enact meaningful fiscal and tax policy that will improve our economy and provide relief to struggling New Jersey families.”