Current News

Governor Jim Douglas today announced a comprehensive economic development plan to maximize the use of American Recovery and Reinvestment Act (ARRA) dollars allocated to Vermont through the State Fiscal Stabilization Fund (SFSF). In response to Speaker Smith and Senator Shumlin’s letter today which proposed the use of $1 million to support farms and businesses affected by the recent Champlain Bridge closure, the Governor welcomed the Legislature’s new focus on economic support for our struggling families and urged legislative leaders to take swift action to approve this bold economic relief plan which will create more than 350 new jobs.

Senate President Pro Tem Peter Shumlin and Speaker Shap Smith, joined by members of the Addison County delegation, today spoke of the need for an economic assistance package for businesses and farmers effected by the Crown Point Bridge closure. The closing of the bridge has caused businesses and farmers to lose thousands of dollars in what is already an incredibly difficult economic time.
“The bridge closure has resulted in local businesses losing up to $6,000 a week and one farmer who I have been in contact with has been forced to spend over $20,000 to bring his crops back to Vermont,” said Senator Peter Shumlin. “In what is already an incredibly tough economic time, these additional financial stresses are devastating and can not be sustained for much longer.”

Related Company: Renewable NRG Systems Inc.US Representative Peter Welch announced Tuesday that Vermont business leader Jan Blittersdorf has been selected to take part in the White House Forum on Jobs and Economic Growth. Blittersdorf, CEO and president of Hinesburg-based NRG Systems, will join President Obama, fellow business leaders and financial experts at the White House Thursday to discuss ideas for creating jobs and growing the economy.
Welch nominated Blittersdorf to take part in the forum because of her experience creating quality jobs in Vermont and building one of the state’s most successful businesses. Founded in 1982 by David Blittersdorf, NRG Systems is the leading manufacturer of wind measurement systems worldwide. The company employs 110 people and creates products used in more than 130 countries.

Senator Patrick Leahy (D-VT) today announced that he will file an amendment to the Patient Protection and Affordable Care Act that will repeal the health insurance and medical malpractice insurance industries’ exemption from federal antitrust laws.
Leahy introduced the Health Insurance Industry Antitrust Enforcement Act in September. Leahy chairs the Senate Judiciary Committee, which held a hearing about the legislation in October. The bill is cosponsored by 18 senators, including Senate Majority Leader Harry Reid (D-NV), who testified before the Judiciary Committee.

Blue Cross and Blue Shield of Vermont has been ranked as the top commercial health plan in Vermont for the second consecutive year. The rankings, released in the December 2009 issue of US News and World Report, are based on quality review information from the National Committee Quality Assurance (NCQA).
“This confirms Blue Cross and Blue Shield of Vermont’s long tradition of providing high quality care to its members,” noted Don George, President and CEO of Blue Cross and Blue Shield of Vermont. “The rankings are based on the quality of the care our members received and how well we managed to continuously improve health care for those members.”

TransUnion.com released today the results of its analysis of trends in the auto lending industry for the third quarter of 2009. The national 60-day auto delinquency rate (the ratio of auto loan borrowers 60 or more days past due) rose between the second and third quarters of 2009 (from 0.73 percent to 0.81 percent). The year-over-year delinquency rate at the national level increased by 1.25 percent in the third quarter.
Auto loan delinquency was highest in Mississippi and California at 1.53 percent and 1.33, respectively. The lowest auto loan delinquency rates were found in the District of Columbia (0.26 percent), North Dakota (0.35 percent) and South Dakota (0.37 percent). The largest improvements in delinquency from the previous quarter were found in South Dakota (38.33 percent decrease from 0.60 percent) and the District of Columbia (38.10 percent decrease from 0.42 percent).

Peet’s Coffee & Tea, Inc of Emeryville, CA, announced yesterday that it has upped its bid for Diedrich Coffee Inc another 50 cents per share to the equivalent of $32.50 in cash and stock. Peet's was first to make a proposal to buy the southern California coffee company, but Green Mountain Coffee Roasters of Waterbury, Vermont, has twice matched Peet's offer in all cash, which the Diedrich's board of directors has stated was a superior offer to Peet's offer.

Ledyard National Bank is pleased to announce that Michael W Quinn has joined their office at 38 South Main Street in Hanover as Vice President and Commercial Lender. Prior to joining Ledyard, Mike was the Commissioner of Economic Development for the State of Vermont, where he was responsible for retaining, expanding and recruiting Vermont businesses. From 1991 through 2003, he worked for Banknorth in Burlington, Vermont as the Commercial Lending Team Leader and Senior Vice President. He also worked at the Bank of Vermont as the Vice President of Commercial Loans. He has thirty years of commercial banking experience.
Mike earned his Bachelor of Business Administration degree from Ohio University in Athens, Ohio. He held Treasurer, Director, and Allocations Committee Chair positions for the United Way.
Mike will be relocating to the Upper Valley from Essex Junction, Vermont.

Commissioner Patricia Moulton Powden has announced that the Department of Labor has begun notifying individuals potentially eligible for additional Emergency Unemployment Compensation authorized under the Workers Assistance Act signed by President Obama earlier this month.
The Act added another potential week to the second tier of Emergency Unemployment Compensation (EUC) Program, as well as adding a third tier for those states with a total unemployment rate of 6.5% or more. This means individuals who qualify will be eligible for up to 47 weeks of Emergency benefits. The week ending November 14, 2009 is the first week payable under the new Act.

VSECU has become the first credit union in Vermont approved to serve anyone who lives or works anywhere in the state. The decision came from the Vermont Department of Banking, Insurance, Securities and Health Care Administration (BISHCA). Steven Post, chief executive of VSECU, commented that, “our long-term vision has been to make VSECU a true alternative to for-profit banks and to be available to all Vermonters.”
We now have that opportunity, he said.
“This development is especially significant as consumers try to make sense of the bailouts, investment decisions and shortcomings in the country’s banking system. The acquisition and merging of regional and state banks also have left Vermonters with less consumer choice and the loss of local control and servicing,” Post said.
“We like being a local credit union, we like working with a Vermont regulator and we like being inclusive,” Post said.

The Vermont Agency of Transportation has chosen Kubricky Construction, of Glens Falls, NY, to do the Vermont land work associated with the new, temporary ferry service at the Crown Point Bridge location. Kubricky has already begun mobilizing equipment and staking out ground in preparation for full-scale construction to begin on Monday. The New York Department of Transportation (NYSDOT) has also engaged a contractor for similar work on the New York side of the lake. Construction in New York began late last week.
Work being done on land to construct approach roads to the lake are a precursor to the in-water construction of the new ferry docks. Both VTrans and NYSDOT are finalizing construction plans for the docks, and in-water construction is expected to begin in early December.

The Task Force was created earlier this year to examine the Vermont State Colleges and University of Vermont systems to determine what academic and administrative efficiencies and improvements could be achieved through their close coordination or consolidation. While the Task Force has already notified the governor that it recommends against merging the University of Vermont and the Vermont State Colleges, it does recommend in this final report "a greater commitment by policymakers to achieving seamless transitions between high school and post secondary education, and it urged support for a system of Pre-K through 16 public education that is characterized by equitable and adequate public funding at all levels."