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Above: Gottheimer at the groundbreaking ceremony for Nasdaq’s new state-of-the-art cloud infrastructure and data center facility in New Jersey.
Carteret, New Jersey — Today, May 3, 2022, U.S. Representative Josh Gottheimer (NJ-5) invites state and local governments to celebrate the groundbreaking ceremony for Nasdaq’s new state-of-the-art cloud infrastructure and data center facility in New Jersey. joined the elected officials and labor leaders of
The expansion will double the size of Nasdaq’s existing facility at Carteret. This is a major win for New Jersey’s economy, jobs, and families, including thousands of jobs for communities and hardworking men and women workers.
Gottheimer was instrumental in fighting back New Jersey’s proposed Financial Transaction Tax (FTT) and Washington’s proposed federal FTT. The FTT would have imposed taxes on companies that process large volumes of stock and financial transactions through all of their electronic infrastructure located in New Jersey. If his proposed FTT were implemented, businesses in the financial sector would be forced out of New Jersey, resulting in a sluggish economy, the loss of thousands of well-paying jobs, the closure of businesses in surrounding areas, and hard-working men and workers. of jobs would have been lost. a working woman.
“Since I came to Congress to serve on the House Financial Services Committee, I know that our business and jobs will stay in New Jersey, grow here, and provide the hundreds and thousands of jobs our families depend on. This includes not only fighting back the state financial transactions tax, but also fighting back the proposed federal tax in Washington, which was successful in the last Congress. blocked.” Congressman Josh Gottheimer (NJ-5) said: “Today is a day to celebrate Jersey’s economic growth and future success. “Given all that is doing, with the right policies in place, there is no better state to do business than New Jersey.”
Gottheimer has fought to lower taxes for hardworking families and businesses, including reviving SALT. We’ve also fought to cut the bureaucracy that limits New Jersey’s potential to the maximum. To work, live and stay here in Jersey.
In recent years, the U.S. Bureau of Economic Analysis found that every dollar spent on New Jersey’s financial and securities services contributes $1.22 to the state’s economy. Statewide, the securities department employs more than 38,000 workers. In total, the financial services sector employs a total of about 200,000 workers in New Jersey.
Nasdaq’s new facility will help move the market to the cloud with AWS and Equinix.
Gottheimer includes Deputy Majority Leader and Deputy Electric Worker of the New Jersey Legislature, Joseph Egan of the New Jersey Building and Construction Industry Council, William Mullen of the New Jersey Building and Construction Industry Council, and Middlesex County Building and Construction Commissioner. It was attended by local and state elected officials and labor leaders, including those from the construction industry. Kevin Duncan, Council President; Jack Hoey, Middlesex County Area Business Agent for Local 9; Adena Friedman, Nasdaq President and CEO; Tal Cohen, Nasdaq EVP North America Market; Charles Myers, Equinix President and CEO; AWS Scott Mullins, General Manager, Worldwide Financial Services.
You can find groundbreaking videos here.
Below: Gottheim and state and local labor leaders.
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Below: Gottheimer at the groundbreaking ceremony for Nasdaq’s new state-of-the-art cloud infrastructure and data center facility in New Jersey.
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Gottheimer’s remarks ready for delivery:
good morning. It was an honor to join Carteret and Middlesex County and our incredible workforce leaders in celebrating the groundbreaking of NASDAQ’s new state-of-the-art cloud infrastructure and data center facilities. This is a very big win. for New Jersey. A big win for our economy, our jobs, and our families.
Nasdaq, Equinix, AWS, and Marketplace have been great partners for New Jersey and the region, and we can’t thank them enough for their continued business and support of the community here.
The New Jersey metropolitan area is the financial center of the world. 20% of the country’s GDP flows here. The financial sector is not only important to the region’s economy. It is literally the driving force behind the global economy. Nearly all transactions, the veins and arteries of the global economy, pass in one way or another.
Yet, two years ago, I was almost blown away, to be honest. Standing in my district of Mahwah with hundreds of hardworking men and women in the construction industry when some across the state wanted to add a tax to all financial transactions conducted through data centers in Jersey. I remember All jobs near data centers and buildings that workers built and maintained and were key to Northeast dominance in the financial sector. It would have meant the loss of a thousand well-paid jobs.
To remain competitive globally, companies like the Nasdaq and the New York Stock Exchange would have had to close their doors here and move centers like this to other states. We have backup centers in the states. They could have literally flipped a switch and Jersey would have lost our data center and all our jobs. .
But as workers, businesses, local, state, and federal officials, we could all stand together as one voice and work together to stop the financial transactions tax. Other states like Moocher State. And today, as a result of our efforts, we attended the groundbreaking ceremony for Nasdaq’s expanded state-of-the-art data center. more work. More Jersey leadership.
Since coming to Congress to serve on the House Financial Services Committee, we’ve ensured that our businesses and jobs have stayed in New Jersey, grown here, and provided the hundreds and thousands of jobs our families depend on. This includes fighting back not just the state financial transaction tax, but the federal tax proposed in Washington. This was successfully blocked in the last Congress.
The proposed tax, which the state claims would generate new revenue for the state by taxing stock transactions processed through all of Jersey’s electronic infrastructure, would in fact generate no new tax revenue. do not have.
why? Because as soon as the state imposes it, the back end of the market and all the banks that exist here will move en masse to a new location out of state.
And if a company or bank decided to move, that’s exactly what they would have done and it would have hurt the company up and down. Not just data center jobs but everything around here jobs grow and thrive. Once it goes live, more businesses will want to use it. Think about all the other jobs, not only in the financial services sector, but in dry cleaning, restaurants, teachers, shopping centers, and more. All these jobs will appear.
Don’t forget to oppose if the financial transaction tax is imposed again. Let’s focus on tax relief in Jersey, make life more affordable, restore SALT, and do all we can to make it more affordable for families. Especially now that we can get money to where it should be in the pockets of the people we represent.
In recent years, the U.S. Bureau of Economic Analysis found that every dollar spent on New Jersey’s financial and securities services contributes $1.22 to the state’s economy. Statewide, the securities department employs more than 38,000 workers. In total, the financial services sector employs a total of about 200,000 workers in New Jersey.
The expansion doubles the size of Nasdaq’s existing facility here, which means more jobs. With the right policies in place, nothing can stop us in this wonderful situation.
Finally, today is a day to celebrate Jersey’s economic growth and future success. Considering everything we do in our great state, from lakes and beaches, to talented workforce, lakes and beaches, pizza, bagels, Bruce Springsteen, the right policies are If implemented, there will be no better state to do business than New Jersey.
So bring me more work.
We are confident that nothing will stop us in working together at all levels of government in the greatest country in the world.
Thank you very much. god bless you.
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