Vermont State House Bill H542 Introduced to Study the Feasibility of a State-Owned Bank

http://www.leg.state.vt.us • January 13, 2012

H. 542: State-Owned Bank

An act relating to creating an expert panel on the creation of a state bank.
It is hereby enacted by the General Assembly of the State of Vermont:
Sec. 1. VERMONT STATE BANK STUDY PANEL

(a) Creation of panel. There is created a Vermont state bank study panel for the purpose of researching, evaluating, and proposing one or more potential models for the creation of a Vermont state bank.

(b) Membership. The panel shall be composed of five members as follows:

(1) the deputy commissioner of banking within the department of banking, insurance, securities, and health care administration;
(2) the state treasurer;
(3) a former president or vice president of a Vermont bank or credit union, who shall be appointed by the governor;
(4) a current or former mayor, treasurer, or executive administrator of a Vermont municipality, who shall be appointed by the president pro tempore of the senate; and
(5) a former executive director of a Vermont nonprofit organization which, as part of its mission, directly lends or services loans or other similar obligations, who shall be appointed by the speaker of the house of representatives.

(c) Powers and duties.

(1) The panel shall research and evaluate:
(A) the current banking system, the operations, and the procedures that the state, municipalities, and other state instrumentalities use for their own internal banking and related human resource and operational requirements and the administrative and opportunity costs thereof;
(B) the number, nature, and scope of lending, loan servicing, and related operations performed by the state, its instrumentalities, and state-funded public and private organizations and the administrative and opportunity costs thereof;

Status of the Bill is here.
Text of the Bill is here.

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