Vermont Legislature Fails on Public Banking
by Matt Stannard on March 27th, 2014

Despite overwhelming support for a public bank by the people of Vermont in town meeting resolutions, S.204 is dead. The State Senate simply waited too long to act on it. 

We received the following message from Gary Murphy of Vermont Partnership Bank:

The Senate Finance Committee failed to advance S.204 in time for it to be sent to the House of Representatives.  In essence, that means that this bill is dead for this year.  Since this is the second year of the biennium, the bill will cease to exist once the legislature adjourns for the year.  

While it is disappointing that the bill will not pass this year, it is not surprising that it came to this fate.  We knew that it would be a very tough fight to get it passed but we will not give up.  This is the third year that there has been a bill before the legislature concerning a state bank.  Every year more and more people have gotten involved in the effort to create a state bank in VT whether through signing petitions, contacting their legislators, sharing on social media, emailing or getting involved in gathering signatures on petitions.  

I hope that you will stay involved in the effort to create a state bank.  That being said, I understand that there are different levels of involvement.  Some people may not feel comfortable or have the time or ability to engage beyond the level of simply following the progress of our efforts and maybe occassionally taking part in some action whether it be signing a petition, talking with friends and acquaintances, or their legislators.  Although I send out notices of specific events, I do not expect nor request anything of anyone that they feel they cannot do for whatever reason.

The State/Public Bank Committee will be meeting soon to work on planning ways that we can continue to grow the effort to create a state bank.  We will send out regular reports on what we have come up with and things that you can do to further the effort if you so choose.

The petition that this email is associated with, Create A State Bank-Move S.204, was targeted specifically to get the Senate Finance Committee to advance the bill by March 21.  Since that date has passed, the petition is no longer timely and has been turned off, meaning it is no longer getting sent to members of the committee. Some of the people who signed this petition are also on the email list for Vermont Partnership Bank and/or Vermonters For a New Economy.  In order to keep from having the same email show up multiple times in your inbox, I will be sending emails from this tool sparingly.  If you want to receive regular (once or twice a month) emails on ongoing efforts to create a state bank, I encourage you to sign up for the email lists from one or both of those web sites.

I want to thank you from the bottom of my heart for engaging in this effort.  Even though we did not succeed this time, we did make an impression and made the path forward a little less rough.  I hope you will stay engaged so that maybe in the not too distant future we will be successful

Gary Murphy

Posted in not categorized    Tagged with Public Banking, Vermont


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