---
type: "Bill"
title: "Requires public institutions of higher education to submit annual fiscal monitoring report; authorizes Secretary of Higher Education to appoint State monitor of certain institutions; requires higher education chief financial officers complete training; annually appropriates $100,000.*"
description: "Requires public institutions of higher education to submit annual fiscal monitoring report; authorizes Secretary of Higher Education to appoint State monitor of certain institutions; requires higher education chief financial officers complete training; annually appropriates $100,000.*"
jurisdiction: "us/states/nj"
legislature: "New Jersey Legislature"
session: "220"
identifier: "S 3406"
citation: "New Jersey S 3406 (220)"
classification: ["bill"]
subjects: ["EDUC FINANCE", "HIGHER ED"]
status: "enacted"
primary_sponsors: ["Carter, Linda S.", "Cryan, Joseph P.", "Gopal, Vin", "Jasey, Mila M.", "McKeon, John F."]
version_count: 2
action_count: 8
vote_count: 0
first_action: "2022-12-19T05:00:00+00:00"
last_action: "2023-07-20T04:00:00+00:00"
source: "openstates"
source_identifier: "ocd-bill/fe5e54b0-e422-4b49-b357-05d545389ecc"
source_url: "http://www.njleg.state.nj.us/downloads.asp"
source_hash: "09b1a50fccec6183f0a702da3de5088de58a3bf3c3900cc843fac6280c7317ad"
vintage: "2026-07-01"
source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
retrieved_at: "2026-07-06"
confidence: "reported"
tags: ["legislation", "bill", "us-nj"]
---

# New Jersey S 3406 (220) — Requires public institutions of higher education to submit annual fiscal monitoring report; authorizes Secretary of Higher Education to appoint State monitor of certain institutions; requires higher education chief financial officers complete training; annually appropriates $100,000.*

## Version chain

The bill's text revisions, in order — the diff chain from filing to enrollment.

1. **Introduced Version** (committee substitute) — [source](https://pub.njleg.state.nj.us/Bills/2022/S3500/3406_I1.HTM)
2. **Reprint SBA 6/27/23 1R** (committee substitute) — [source](https://pub.njleg.state.nj.us/Bills/2022/S3500/3406_R1.HTM)

## Sponsors

- Carter, Linda S. — primary (person)
- Cryan, Joseph P. — primary (person)
- Gopal, Vin — primary (person)
- Jasey, Mila M. — primary (person)
- McKeon, John F. — primary (person)
- Benson, Daniel R. — cosponsor (person)
- Chaparro, Annette — cosponsor (person)
- Danielsen, Joe — cosponsor (person)
- Jimenez, Angelica M. — cosponsor (person)
- McKnight, Angela V. — cosponsor (person)
- Mukherji, Raj — cosponsor (person)
- Reynolds-Jackson, Verlina — cosponsor (person)
- Sampson, William B. — cosponsor (person)
- Speight, Shanique — cosponsor (person)
- Stack, Brian P. — cosponsor (person)
- Turner, Shirley K. — cosponsor (person)
- Wimberly, Benjie E. — cosponsor (person)

## Timeline

The legislative action history — every referral, reading, and vote.

- **2022-12-19T05:00:00+00:00** Introduced in the Senate, Referred to Senate Higher Education Committee `introduction, referral-committee`
- **2023-06-20T04:00:00+00:00** Transferred to Senate Budget and Appropriations Committee `referral-committee`
- **2023-06-27T04:00:00+00:00** Reported out of Senate Committee with Amendments, 2nd Reading `committee-passage`
- **2023-06-30T04:00:00+00:00** Passed Senate (37-0) `passage`
- **2023-06-30T04:00:00+00:00** Received in the Assembly without Reference, 2nd Reading
- **2023-06-30T04:00:00+00:00** Substituted for A4970 (2R)
- **2023-06-30T04:00:00+00:00** Passed Assembly (Passed Both Houses) (77-0-0) `passage`
- **2023-07-20T04:00:00+00:00** Approved P.L.2023, c.115. `executive-signature`

## Source

OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/fe5e54b0-e422-4b49-b357-05d545389ecc`. Confidence: reported (aggregated from official New Jersey legislature records).