"New Jersey cannot stand idly by while America's financial crisis continues to evolve," Corzine says, in a statement. "I look forward to collaborating with these talented industry leaders to craft policies that will help see New Jersey through this current economic crisis and move the state toward a path of recovery."

Job one for the group will be to drum up support for the initiatives laid out in October in Corzine's Economic Assistance and Recovery Plan. Beyond that, the board is expected to meet regularly and work with the Governor's Office of Economic Growth and other state departments to encourage economic development and revitalization across the state, according to information released by the Governor's Office.

"New Jersey's business plays an integral role in the continued economic prosperity of our state," says Jerry Zaro, chief of the OEG. "The board will bring together some of the best and brightest in the state's development community to work to create jobs, revenues and economic stability."