Following Congress’s passage last week of a $700 billion financial rescue plan, the New Jersey Assembly is scheduled to focus its attention today on all aspects of the economy, from mortgage foreclosures to rising energy costs.

Ten Assembly committees are scheduled to meet in Trenton to explore how the nation’s economic crisis is affecting New Jersey residents and what can be done to help them.

Various committees will take testimony on how the faltering economy is affecting health care and social services, whether more should be done to regulate financial services and what the state is doing to promote the growth of jobs, particularly energy-saving “green” jobs.

One bill scheduled for consideration would create a trust fund to assist residents facing the loss of their homes through foreclosure. A $2,000 fee imposed on creditors who initiate foreclosure actions on certain subprime mortgages would fund the program.

Another measure would add a cost-of-living increase to the Lifeline program of state assistance to homeowners and tenants who need help paying for gas and electricity. Its cost, estimated at $2 million this year, is projected to increase to $10.9 million by 2013.

Other bills on the agenda would provide tax credits to businesses that allow their employees to telecommute, lessen the impact of the corporation business tax and provide some added protections to homeowners facing foreclosure.

(Source: Star Ledger)