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Friday, March 14, 2014

Vermont Wants Public Banking

Last week, at least twenty town meetings in that state voted on creating a state bank, and most results were an overwhelming "yes." The group, Vermonters for a New Economy urged residents to petition local governments to turn the Vermont Economic Development Authority into a public bank, and it turns out that that idea is pretty popular. 

After the 2008 financial crisis, many people around our country pointed to the Bank of North Dakota as a model to use in other states. Public-banking advocates say that like North Dakota, a state bank would "create economic sustainability in Vermont by partnering with community banks and engaging in other activities that would leverage state funds to promote economic well-being in the state." The people of Vermont have the right idea – if the legislators won't stand up to the banksters, we will – and we can do it by making banking the boring business that it should be.

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