FOR IMMEDIATE RELEASE:

CITIZENS BYPASS LEGISLATURE, CONVENE COMMISSION FOR PUBLIC BANK

MARCH 6, 1:30 PM

ROOM 10, VERMONT STATE HOUSE

CONTACT: Kenneth Martel, kenneth.martel@greenmtn.edu, (802) 552-0535

A few key members of the Vermont legislature have been less than enthusiastic about the idea of creating a Vermont Commission to establish a Vermont State Bank. However, in a new era of chaotic federal government funding and pending austerity measures to close the state’s $50M budget gap, interest among citizens and legislators is high.

So instead of waiting for the slow wheels of government, on Monday, March 6th at 1:30, citizens will convene the Vermont State Bank Commission for the first time in Room 10 of the State House. We have invited the organizations who are mentioned in the legislation and anyone else who might like to serve on the commission. We welcome anyone to join our citizen’s commission who has a sincere interest in learning why 40% of the world uses public bank financing for infrastructure, economic development, and other important public priorities.

We will hear from the Lt. Governor David Zuckerman, the bill’s co-sponsors, and stakeholders. In addition to saving the state money (overtime the $80 million in yearly in outflow to bondholders could be turned $100 million in state revenues), a public bank would divest tax dollars from TD Bank, make more money available for renewable energy development, student loans, and economic development. Over the last three years, the state has proven the concept with the 10% program for Vermont – the majority of lending in that program has been for renewable energy development and efficiency measures. Over the coming months the Commission will outline a plan to expand that 10% program into a full fledged public bank.

For more information on economic impacts, capital needs and implementation see the study by The Gund Institute at UVM: http://bit.ly/2me9T03 and visit NewEconomyVT.org