As New Jersey’s 54th governor, Jon S. Corzine has applied his experience as a Wall Street executive and as a consensus builder in the United States Senate to advance an agenda of socially conscious initiatives, while maintaining a focus on financial responsibility.
Governor Corzine began his Wall Street career in 1975, when he was recruited by the New York investment firm Goldman Sachs. After taking a job with the firm as a bond trader, he and his family settled in New Jersey. Corzine’s financial acumen propelled him through the ranks at Goldman Sachs, where he was named a partner in 1980, became a key player in crucial strategic decisions, and was eventually named chairman and chief executive officer in 1994.Corzine assumed the helm of Goldman Sachs during a troubling time, as the firm had suffered massive losses resulting from a downturn in the bond market. Through strategic initiatives that included realistic expectations, risk diversification, and a methodical approach to the future, Corzine reversed the fortunes of the firm and restored its longtime status as the leader of the investment banking industry.
As Goldman’s CEO, Corzine expanded the company’s community outreach and philanthropic programs, establishing a company-wide service program encouraging employees to volunteer on a regular basis in their communities. In 1997, Corzine was named as chairman of a presidential commission to study capital budgeting as a means of increasing federal investment in schools, technology, and infrastructure.
During Corzine's tenure at Goldman Sachs, Fortune magazine named the firm one of the 10 best companies to work for in the United States, and Corzine was named by Time magazine as one of the top 50 technology executives in the country in 1997. He left Goldman Sachs in May 1999 after converting the investment firm from a private partnership to a public company – a bold move that yielded handsome profits both for stockholders and Goldman employees.
Shortly after his departure from Goldman Sachs, Corzine entered public services upon election to the United States Senate in November 2000. While serving in the nation’s capitol, Corzine quickly put his expertise in financial and regulatory matters to work as the driving force behind a forward-looking, progressive agenda.
As senator, Corzine served as a member of the Committees on Banking, Intelligence, the Budget, and Energy and Natural Resources, and parlayed his position in leadership to advance numerous initiatives beneficial both to New Jersey and the nation as a whole. Corzine’s early accomplishments in the United States Senate include measures aimed at directing new federal investments in New Jersey’s transportation network, new safeguards to protect chemical facilities against terrorist attacks, legislation improving access to education and healthcare, and stronger environmental policies.
As a member of the United States Senate, Corzine co-authored the Sarbanes-Oxley Act, a piece of legislation designed to crack down on corporate malfeasance crafted in the wake of accounting scandals surrounding Enron, Tyco, WorldCom, and other major corporations. Corzine was also a sponsor of the Start Healthy, Stay Healthy Act, which expands children’s health care and expands coverage for pregnant women. He supported legislation outlawing the practice of racial profiling and, with Kansas Senator Sam Brownback, was chief sponsor of the Darfur Accountability Act to address genocide in the Sudan. Corzine was also only one of 23 members of the Senate to vote against the Iraq War Resolution.
Corzine entered the New Jersey governor’s race in 2005, and shortly after his Election Day victory, resigned from the U.S. Senate to take the oath of office as New Jersey governor on Jan. 17, 2006. As governor, he has continued to build on his reputation as a progressive, yet fiscally-responsible public servant.
As governor, one of Corzine’s first orders of business was to apply more than a quarter-century’s worth of experience in the financial services industry to rein in decades of uncontrolled spending and reckless borrowing by New Jersey state government. Drawing on his experience as chairman and CEO of Goldman Sachs, Corzine initiated a strategy that combined fairness, realism, and a willingness to make tough choices with a social conscience that protects such critical services as education, public safety, and protecting the most vulnerable.
Governor Corzine has eschewed the use of one-time gimmicks and borrowing to balance the state budget, adopting a “pay-as-you-go” approach, enabling state government to live within its means. For the first time in over a decade, Corzine has dedicated funds to pay down the state’s obligation to the state pension system and made substantial contributions toward paying down the state’s bonded debt. He has also trimmed the size of state government through elimination of state departments and reduction of the number of employees, and has provided substantial property tax relief to New Jersey homeowners. He instituted a four percent cap on the increase in municipal taxes in 2007, resulting in the lowest local tax levy increase in a decade and further easing the tax burden on homeowners.
Corzine has stressed accountability for all public officials throughout his tenure as governor, creating the state’s first independent comptroller as a watchdog to root out corruption and unethical contracts. He has worked closely with the legislature to pass meaningful ethics reform, including an end to dual office holding by elected officials, legislation mandating that corrupt public officials forfeit their pensions, and ending pension padding and other abuses of the public employee retirement system.
Meanwhile, Corzine has continued to tackle pressing issues involving quality of life, economic development, and social justice. Under Corzine’s watch, New Jersey has moved to the forefront among states by taking a proactive stance against greenhouse gas emissions, enhanced auto fuel efficiency standards, and proposals to promote greater use of renewable energy. He has also championed the expansion of stem cell research in the Garden State, as well as proposals to improve the state’s transportation infrastructure and increased funding for education.
New Jersey received international acclaim in 2007, when Corzine signed legislation allowing civil unions for same-sex couples, and again later in the year when New Jersey became the first state in more than 40 years to repeal the death penalty. Corzine has also signed into law initiatives designed to give the uninsured better access to healthcare services, and a measure making New Jersey the third state in the nation to allow workers to take paid leave to tend to a personal or family emergency.
Corzine’s most pressing issues as governor in the years ahead include continued efforts to right the state’s finances, keeping the state’s property tax burden in check, and continued improvement of the state’s critical economic infrastructure.
Corzine was born January 1, 1947, and grew up on a small family farm in Wiley’s Station, a community in central Illinois. His father was a farmer and insurance salesman; his mother was a public school teacher.
A 1969 graduate of the University of Illinois at Urbana-Champaign, Corzine enlisted in the U.S. Marine Corps Reserves, serving until 1975. He received his Masters of Business Administration from the University of Chicago in 1970.
Corzine currently makes his home in Hoboken. He has three children and two grandchildren.
