Binder’s nomination for treasurer clears committee

The Senate Judiciary Committee unanimously cleared Aaron Binder’s nomination to be the state’s next treasurer in a Monday afternoon hearing. 

If confirmed, Binder will succeed Elizabeth Maher Muoio, who served as treasurer for eight years under former Gov. Phil Murphy. Binder would be tasked with helping to shape Gov. Mikie Sherrill’s first budget, which experts say could be difficult with a structural deficit and ballooning costs.

“I have every confidence in our state’s ability to weather any storm that comes our way, so long as we maintain our commitments to fiscal responsibility and accountability,” Binder told the panel. “As state treasurer, I will take a serious approach toward the significant responsibility of managing the state’s finances.”

Binder had been Murphy’s deputy state treasurer since December 2021 after serving as deputy executive director of the Assembly Majority Office during a 16-year stint with the Assembly. He was the lead aide for the Assembly Budget Committee and was the in-house expert on fiscal issues.

Binder was the second Sherrill nominee to receive a hearing before the Judiciary Committee. The senators on Monday also unanimously approved Jennifer Davenport, Sherrill’s pick for attorney general.

In the hearing, Binder said New Jersey faces a structural budget deficit “in the billions,” meaning the state spends more than it takes in with revenue. Binder said that with the deficit, the Sherrill administration is looking to cut spending where possible and fully maximize its revenue streams.

“Governor Sherrill has made it clear that with an affordability agenda, tax increases are not part of an affordability agenda,” Binder told the panel. “So we have to look at other ways to solve this problem: spending cuts, creative ways to get revenue.”

State Sen. Declan O’Scanlon (R-Little Silver), the GOP budget officer, said he expects Binder to be transparent about the structural

“This admission is a good start,” O’Scanlon wrote. “I have faith that Aaron — now at the helm — will push the new administration to be more honest about the steaming hot pile of deficit (easily $4 billion) left by the Murphy administration.”

Binder’s nomination will now go before the full Senate, which he is expected to clear easily. His confirmation could come as soon as Feb. 23, the next scheduled Senate session.

This article was updated with comment from O’Scanlon.