- Associated Press - Wednesday, March 19, 2014

MONTPELIER, Vt. (AP) - The Vermont Senate Finance Committee is reviewing an alternative to a state-owned bank that would direct 10 percent of cash on hand to local investments.

The Barre-Montpelier Times Argus reports (https://bit.ly/PPxjWd) that 10 percent of Vermont’s daily funds would be directed to the Vermont Economic Development Authority so they could support local investments. Currently, Vermont deposits all of its cash in TD Bank and People’s United.

State Sen. Anthony Pollina says banks generally have other priorities than investing in the state but that this plan would allow state money to supplement energy projects, affordable housing and agriculture.

But Deputy Treasurer Stephen Wisloski says they already use state cash for local investment. And Chris D’Elia of the Vermont Bankers Association says the plan might put Vermont’s bond rating at risk.

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Information from: The Times Argus, https://www.timesargus.com/


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