Current News

Vermont Business Magazine The Vermont Bankers Association is among a coalition of 43 state community banking associations affiliated with the Independent Community Bankers of America (ICBA) that today called on the US House of Representatives to take up and pass the bipartisan Economic Growth, Regulatory Relief and Consumer Protection Act (S2155) as quickly as possible. The coalition letter expresses strong support for the common-sense regulatory relief bill, which the Senate passed in March on a bipartisan 67-31 vote following years of activity in the House.

“S. 2155 bears the unmistakable stamp of numerous community bank regulatory relief bills that have advanced in the House in the 115th Congress and in prior Congresses,” the coalition wrote. “Years of hearings, debate, and deliberation in the House prompted the Senate to craft, debate, and ultimately pass S. 2155 as a bipartisan bill.”

by Jack Hoffman Public Assets Institute Pssst. Did you hear about the $60 million deficit in the Education Fund? Guess what. It’s not true. Given the headlines and news stories in recent weeks, Vermonters may be surprised to hear there is no deficit in the Education Fund. That’s because funding for schools—like funding for municipalities—doesn’t work like the state budget, and never has. Citizens vote directly on their school and municipal budgets. Their elected representatives vote on the state budget. That makes a big difference.

Vermont Business Magazine Today, Lisa Ventriss, President of Vermont Business Roundtable (VBR) and Jeffrey Carr, President, Economic & Policy Resources (EPR), announced the Q2 of 2018 outlook results of their joint initiative, the VBR/EPR Business Conditions Survey and Index. While manufacturers seem to be relatively optimistic about the future of the economy, there is great concern over finding labor and with the health care sector. Overall, Vermont businesses generally have a more cautious view of the economy than the rest of the nation.

Vermont Business Magazine Norwich University has been awarded $100,000 from Vermont Mutual Insurance Group Giving Fund to be paid over the next five years in support of “Forging the Future,” Norwich’s $100 million, five-year fundraising campaign scheduled to conclude in 2019, Norwich’s bicentennial. The Forging the Future campaign is committed to propelling the university into an era where technology, collaboration and interdisciplinary studies attract and retain the brightest students. The largest fundraising effort in the university’s history, the focus of the campaign is on creating a state-of-the-art learning environment, strengthening academic programing and growing scholarship endowments.

Vermont Business Magazine Linda Schadler, currently the vice provost and dean of undergraduate education and the Russell Sage Professor in Materials Science and Engineering at Rensselaer Polytechnic Institute (RPI), has been appointed as dean of the College of Engineering and Mathematical Sciences at the University of Vermont.

Vermont Business Magazine Imagine, after so many things have gone wrong all day, slipping into bed, smelling fresh clean sheets and resting your head on a soft pillow. Imagine feeling safe and warm after fighting with the deep winter cold all day. Can you imagine this and factor in that you are homeless? Helping to provide clean sheets and a safe space for the homeless in Chittenden County is just one piece of the work that UVM Medical Center (UVMMC) does for our community.

On Thursday, May 17, the UVMMC will be presented the Northern New England Community Action Community Service Award at their annual conference at Sunday River Resort in Newry, Maine. Eileen Whalen, President of UVM Medical Center will accept the award on behalf of the Medical Center.

Vermont Business Magazine On Tuesday May 8, Champlain College Online unveiled two interactive kiosks in both terminals of the Burlington International Airport as part of its campaign to increase access to higher education in Vermont and across the country. In April, Champlain College Online announced a 50 percent reduction in tuition for its undergraduate online degree programs for adult learners, starting this fall. To support this change, the College has launched a campaign to help empower adults to “Accomplish Anything.” The initiative includes an interactive digital experience inviting the approximately 1.4 million people who pass through the airport each year to visualize and discover ways to achieve their career and personal aspirations.

Vermont Business Magazine The Board of Trustees voted in favor of keeping the college open following a three-hour meeting on Monday afternoon. The decision was announced by Board Chair A. Jay Kenlan to a cheering audience of students, faculty, administrators and alumni gathered in Tuttle Theater. A plan for sustainability, presented by CSJ President Larry Jensen, calls for the implementation of several new programs and initiatives, and the expansion of others, with a goal of increased revenue.

Vermont Business Magazine Vermont Senator Bernie Sanders (I-Vermont) delivered a video response to President Donald Trump's announcement Tuesday that he will pull the United States out of the Iran nuclear agreement. "President Trump’s speech today was the latest in a series of reckless decisions that move our country closer to conflict. By reimposing nuclear sanctions on Iran and withdrawing from the Joint Comprehensive Plan of Action, otherwise known as the Iran Nuclear Agreement, President Trump has put our nation on a dangerous path.

by Representative Heidi E Scheuermann (R-Stowe) Late last week, the Vermont House of Representatives passed S105, a bill with which many have significant concerns (Page 1514 of House Journal). Indeed, the breadth of the bill is exceptionally broad, and will have a significant impact on a number of industries and their ability to do business in Vermont. These include the technology industry, utilities, telecommunications, and many more. That said, the impact about which I am most concern is on our incredibly important, statewide, outdoor recreation industry.

Vermont Business Magazine The fifth annual FreshTracks Road Pitch, a four-day motorcycle tour of Vermont in which a gang of “business bikers” (comprised of investors, entrepreneurs and business advisors) ride around the state and stop in eight Vermont towns to listen to entrepreneurs pitch their business, will be held July 30th through August 2^th 2018. Entrepreneurs interested in pitching their concept or existing business to the riders should contact one or more of the local organizers noted below in order to apply for a pitch slot. At each of the eight stops, the riders will award a “Riders Choice Prize” of $500 and a special edition “Vermont Biker Bear” contributed by Vermont Teddy Bear. Each stop is open to public viewing.

For information about Road Pitch, the riders, as well as valuable pitching tips, visit www.roadpitch.co.

Vermont Business Magazine After a US Department of Labor Employee Benefits Security Administration investigation, the US District Court for the District of Vermont has entered a consent judgment requiring the fiduciaries of the Sonnax Industries’ employee stock ownership plan (ESOP) to pay $2,225,000 to the plan. The judgment resolves violations of the Employee Retirement Income Security Act stemming from the ESOP’s 2011 purchase of Sonnax Industries Inc, a Bellows Falls supplier of automotive drivetrain products. The settlement was announced today. Principals Tommy Harmon and Frederick Fritz have vigorously denied the DOL claims and any suggestion of wrongdoing.