Vermont Public Banking Advocates Release Economic Study

Hilary Niles • • November 5, 2013

Advocates of public banking, so far unsuccessful in their quest to get the Vermont Legislature to study the possibility of setting up a state-owned bank, have taken the task upon themselves. At a news conference Tuesday in the Cedar Creek Room of the Statehouse, Sen. Anthony Pollina, P/D-Washington, and others presented research commissioned by the group Vermonters for a New Economy.

The research was conducted by the Political Economy Research Institute at the University of Massachusetts-Amherst and prepared by Gary Flomenhoft, fellow at the Gund Institute for Ecological Economics at the University of Vermont. It was paid for by the Donella Meadows Institute of Norwich.

Flomenhoft said about $236.2 million of new credit could be created in the state, as well as 1,000 jobs and $100 million in savings. For the full report, see the document link below.

Economic Study: Exploring Public Banking in Vermont — Preliminary Findings

Read the entire article here.

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2 Responses

  1. “Vermonters for a New Economy” ?

    Seems weak. Why not “Vermonters Who Want To Own Their Own Economy” ?

  2. yes, the BOND example of almost 100 years is the way to go ! Besides being able to actually create loan money as a new feature, they should also be given access to public funds for civic affairs like municipal accounts of all sorts, hospitals, schools, etc.besides normal savings and checking. AND like BOND, all profits should be used for public benefit by either being used for new valid loans or direct tax refunds to people of the state in most cases unless over-riding expenses preclude this option, and the public is part of the decision making process with state-wide public referendum…all of which should be national as well in some form as well…AND in our Constitution ! All this would effectively end the ignominioius reign of the malfeasant federal reserve private banks of 100 years now, esp. at this time as their “charter”/act comes up for renewal next month right ?

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