An American Banking Revolution Awaits

Sunday, 25 May 2014 12:21
By William A Collins, OtherWords | Op-Ed

These tough economic times require creative alternatives to Wall Street, including more state banks.

Vermonters aren’t like the rest of us: They live in a small state with a flinty history and a legendary suspicion of outsiders.

That independent streak gained luster when 15 Vermont towns voted earlier this year to reinforce this independent tradition by approving a proposal to create a state bank.

The Vermont Economic Development Authority would get a license to do what private banks normally do — only with a mandate to serve the public interest no matter what.