Current News

Vermont Business Magazine As many Vermonters work to get “clean and dry” after the flood, others are hoping to get outdoors and return to their favorite trails, parks, and recreation access points. The Agency of Natural Resources (ANR), and officials from across the state, are asking the public to use caution and common sense if they plan to recreate outside this weekend. Keep in mind that it is still not business as usual when it comes to outdoor recreation, and especially on Vermont rivers and streams.

Timothy McQuiston, Vermont Business Magazine Today, the Vermont Department of Labor reported today that the seasonally-adjusted statewide unemployment rate for June was 1.9 percent. This reflects a decrease of two-tenths of one percentage point from the prior month’s revised estimate. The civilian labor force participation rate was 63.7 percent in June, unchanged from the prior month. This unemployment rate ties the lowest on record, which was recorded in June 2019. Vermont has the third lowest rate in the nation, behind New Hampshire and South Dakota (1.8%). The comparable United States rate in June was 3.6 percent, a decrease of one-tenth of one percentage point from the revised May estimate.

Vermont Business Magazine Last month's NPR story on 74-year-old Naum Lantsman, who lost his life savings to a crypto currency scam, illustrates the need for Vermonters to exercise extreme caution and vigilance when using or investing in cryptocurrency.  Cryptocurrencies are not functional equivalents of traditional banking, securities or insurance investment products. There is no lender of last resort, little to no financial disclosures, and usually no insurance protection for losses arising from market fluctuations, theft or scams. Cryptocurrency investments and transactions often lack critical safeguards that exist in the traditional financial system.  

Vermont Business Magazine Senator Peter Welch (D-Vermont) addressed the importance of United States Supreme Court ethics reform today in a Senate Judiciary Committee meeting. The Committee advanced the Supreme Court Ethics, Recusal, and Transparency Act of 2023, with unanimous Democratic support. The legislation requires the U.S. Supreme Court to adopt a code of conduct, establish a mechanism to investigate breaches of that code, recuse themselves when they have conflicts of interest in cases, and disclose gifts and income, among other provisions.

Vermont Business Magazine Senator Peter Welch (D-VT) and Senator Kirsten Gillibrand (D-NY) today introduced the Improving Access to Nutrition Act, legislation that would help more Americans access the Supplemental Nutrition Assistance Program (SNAP), known as 3SquaresVT in Vermont. The Improving Access to Nutrition Act would lift the time-limit requirement that SNAP-enrolled, able-bodied adults between the ages of 18-49 only receive SNAP benefits for three months over a 36-month period if they do not report 20 hours of work per week. The bill would also repeal additional eligibility criteria imposed by House Republicans during the 2023 debt ceiling deal, which would impose the three-month rule on adults up to age 54 over the next few years. 

Vermont Business Magazine Cabot Creamery took home four first place, five second place and nine third place awards at the American Cheese Society Awards Ceremony in Des Moines, Iowa this week. The American Cheese Society judging, and competition is the largest of its kind for American-made cheeses. The ACS highlights cheesemakers throughout the industry that are committed to the art of cheesemaking and food safety. Vermont in total won 44 awards. Among the winners were Vermont Creamery, Jasper Hill, Vermont Shepard, Maplebrook Farm, Grafton Village Cheese Co., Barn First Creamery, Mansfield Creamery and Springbrook Farm.

Vermont Business Magazine Sarah Waring, State Director for USDA Rural Development (RD) in Vermont and New Hampshire, today announced assistance for rural residents to recover and rebuild from the devastating floods occurring on Monday, July 10th of this year. On July 11th, President Joe Biden approved FEMA disaster assistance throughout the state, and on July 14th, declared six Vermont counties—Chittenden, Lamoille, Rutland, Washington, Windham and Windsor—as major disaster areas. With significant damage still being assessed outside of these areas, additional counties are being considered for the major disaster designation. Disaster relief changes to the USDA 504 Housing Repair Program include a higher grant maximum – increased from $10,000 to $40,675.

Vermont Business Magazine Governor Phil Scott today signed an addendum to his Emergency Declaration (Executive Order 03-23), providing additional flexibility regarding professional regulation to address community healthcare resources and security in connection with the disaster recovery. “I appreciate our collaboration with the Secretary of State and her team as we work to address emerging needs,” said Governor Scott. “My team will continue to do what is needed to provide regulatory relief to meet the needs of Vermonters as quickly and effectively as possible.”

Vermont Business Magazine The Vermont Department of Labor (VDOL) announced today that federal Disaster Unemployment Assistance (DUA) benefits will be available to Vermonters left without work due to the severe flooding that occurred in Vermont beginning on July 7, 2023. The Biden Administration and the Federal Emergency Management Administration (FEMA) have declared Chittenden, Lamoille, Rutland, Washington, Windham, and Windsor Counties as initial federal disaster areas. Under this declaration, individuals living, working, or scheduled to work in these counties may be eligible for DUA. This includes independent contractors, those who are self-employed, and agricultural workers. Governor Scott’s Disaster Declaration request covered all 14 counties; however, only the six listed above are currently eligible for DUA. 

Vermont Business Magazine Senators Peter Welch (D-Vermont) and Ben Ray Luján (D-NM) today introduced the Food for Thought Act, legislation to create a grant program within the Department of Education to help community colleges and minority serving institutions (MSIs) provide free meals to low-income students through on-campus meal programs. A March 2022 study from Temple University’s Hope Center found that 39% of students at two-year institutions and 29% of students at four-year institutions have experienced food insecurity. Those findings are supported by a 2017 study from the University of Vermont (UVM), which found that as many as one in five students at UVM is food insecure at any given time.  

Vermont Business Magazine Senator Bernie Sanders (I-Vermont), chairman of the Senate Health, Education, Labor, and Pensions Committee, on Thursday issued the following statement after the committee favorably reported out the Pandemic and All-Hazards Preparedness and Response Act: “Over 1 million Americans died from COVID. In fact, we lost more Americans as a result of COVID than we did in World War II. In my view, virtually every public health official in America tried their best, but it would be an understatement to say that we were tragically unprepared to respond to this crisis."

Vermont Business Magazine Union Bankshares, Inc (NASDAQ - UNB) announced on Wednesday results for the three and six months ended June 30, 2023, and declared a regular quarterly cash dividend. Consolidated net income for the three months ended June 30, 2023 was $2.7 million, or $0.60 per share, compared to $2.9 million, or $0.65 cents per share, for the same period in 2022, and $5.7 million, or $1.26 per share, for the six months ended June 30, 2023, compared to $5.4 million, or $1.20 per share for the same period in 2022. The Board of Directors declared a cash dividend of $0.36 per share for the quarter. Flood recovery continues, as the Jeffersonville branch has re-opened to serve customers through the drive-up window, and the Johnson branch remains closed while clean up and damage assessments continue.