Related Stories
Vermont Votes for Public Banking
Key Excerpts from Article on Website of The Nation Magazine
Posted: March 17th, 2014
http://www.thenation.com/blog/178759/vermont-votes-public-ba...
This year, [Vermonters for a New Economy] urged citizens to petition to place the public-banking question on the agendas of town meetings across the statedistributing information outlining a proposal to turn the Vermont Economic Development Authority (VEDA) into a state bank. Last week, at least twenty Vermont town meetings took up the issue and voted yes. In many cases, the votes were overwhelming. Vermont is not the only state where public banking proposals are in play. But the town meeting endorsements are likely to provide a boost for a legislative proposal to provide the VEDA with the powers of a bank. The bill would create a 10 Percent for Vermont program that would deposit 10 percent of Vermonts unrestricted revenues in the VEDA bank and allow VEDA to leverage this money, in the same way that private banks do now, to fundunfunded capital needs. The legislation would also develop programs, often in conjunction with community banks, to create loans which would help create economic opportunities for Vermonters. Among the most outspoken advocates for the public-banking initiative is Vermont State Senator Anthony Pollina, a veteran Vermont Progressive Party activist and former gubernatorial candidate, who argues that it doesnt make any sense for us to be sending Vermonts hard-earned tax dollars to some bank on Wall Street which couldnt care less about Vermont or Vermonters when we could keep that money here in the state of Vermont where we would have control over it and therefore more of it would be invested here in the state.
Note: For a treasure trove of great news articles which will inspire you to make a difference, click here.
Related Stories
Top Inspiring News Articles
Top Inspiring News Articles from Years Past
