Current News

by Matthew Durkee, New England President, Community Bank In the current economic landscape, interest rates have emerged as a focal point that is driving discussions and shaping financial decisions. Predicting their trajectory is inherently challenging and subject to various factors and uncertainties. Interest rates have been on the rise since early 2021, when the injection of significant government stimulus funds contributed to a sharp rise in market liquidity and an increase in the inflation rate. In an attempt to tame inflation, the Federal Reserve increased its various borrowing rates, and these were passed to the public through higher borrowing costs at banks and other lending institutions. 

Vermont Business Magazine Over 300 business-minded community members gathered at Hula to support LaunchVT’s 2023 cohort at Demo Night, the program’s annual pitch competition and celebration of entrepreneurship. The 2023 cohort presented their businesses to the audience and a panel of investor judges, including Geoff Strawbridge, Janice St. Onge, and Michael Metz. Two businesses walked away with cash awards, and all eight will receive professional services from local businesses worth over $100,000. 

Vermont Business Magazine Fidium Fiber’s expansion in Vermont has brought multi-gig fiber to more than 10,000 homes and businesses across the state, with more Vermonters being connected every day. Communities in Addison County (Hancock, Middlebury, Ripton, Salisbury and Weybridge), Franklin County (Bakersfield and Fairfield) and Chittenden County (Colchester, Essex, Milton and Williston) are the latest in the state to gain access to Fidium Fiber. With continued buildout planned to take place over the course of the summer and fall, more than 114,000 Vermont residents and businesses will have access to Fidium by year’s end.

Vermont Business Magazine ACERTUS, the only automotive logistics-as-a-service platform, today announced it has been named the exclusive logistics provider for Hemmings, the world's largest online collector vehicle marketplace, based in Bennington, Vermont. The partnership helps customers overcome one of the biggest barriers to buying and selling collectible cars: fast and efficient shipping they can trust. By integrating with ACERTUS’ platform, Hemmings delivers seamless access to appropriate carriers so collectors can easily purchase one-of-a-kind vehicles and secure safe, reliable shipping in one swift transaction.

by Timothy McQuiston, Vermont Business Magazine Secretary of Administration Kristin Clouser released Vermont’s revenue results for May 2023. May was another underperforming month for the General Fund, however, both the Transportation Fund and the Education Fund achieved their respective monthly targets. The personal income tax, the most important single source, lagged against expectations and is now falling behind for the month and the year with only one month to go. The State’s General Fund, Transportation Fund, and Education Fund receipts were a combined $197.5 million, missing the $199.4 million monthly consensus target by -$1.9 million, or (1.0%).

by Scott Giles, President, Vermont Student Assistance Corporation The 2023 legislative session delivered transformative education and workforce training initiatives for students, parents, and Vermont. With many newly elected lawmakers, there was a palpable sense of energy under the Golden Dome. The session brought an exceptional spirit of collaboration around the importance of meeting Vermont’s workforce development needs. 

Vermont Business Magazine The United States Attorney’s Office stated that Carleena Graham, 56, of Accokeek, Maryland, pleaded guilty today in United States District Court in Burlington to a charge of wire fraud. Chief U.S. District Judge Geoffrey W. Crawford released Graham on conditions pending sentencing on December 15, 2023. On May 31, 2023, the United States filed a one count information charging Graham with wire fraud. The defendant pleaded guilty to that charge today. 

Vermont Business Magazine The Snelling Center for Government has announced the graduates of the Vermont Leadership Institute Class of 2023. As the culminating event in their 9-month leadership journey, the Vermont Leadership Institute (VLI) Class of 2023 celebrated their past year with Graduation at Basin Harbor in Vergennes in early June. Many friends and family members joined the cohort for a celebratory graduation luncheon. The cohort was pleased to be joined by Xusana Davis, Executive Director of Racial Equity for the State of Vermont, who had worked with them at other sessions. Xusana provided opening remarks, congratulating the Class of 2023 on successful completion of VLI and recognizing the difference they can make in Vermont.

Vermont Business Magazine Representatives Becca Balint (D-Vermont) and Ritchie Torres (NY-15) – both Co-Chairs of the Congressional Equality Caucus – today reintroduced the “LGBTQI+ and Women’s History Education Act of 2023” following a string of states that have proposed and/or implemented harmful and discriminatory anti-LGBTQI+ education laws. The bill authorizes the Director of the National Museum of American History of the Smithsonian Institution to develop and disseminate resources to classrooms for educators to teach LGBTQI+ and women’s history education in a more inclusive and intersectional manner. 

Vermont Business Magazine One year after the Supreme Court overturned Roe v. Wade and stripped women of a fundamental constitutional right, Senator Peter Welch (D-VT) called for the restoration of abortion rights and joined legislation to protect and expand access to reproductive health care, including the Women’s Health Protection Act, the Freedom to Travel for Health Care Act, and the Let Doctors Provide Reproductive Health Care Act.  

Vermont Agency of Transportation Motorists are advised beginning at 11PM on Saturday, June 24, 2023, an oversized transport convoy will leave Milton via US-2 east and proceed south on I-89 beginning at Exit 17 to Exit 6. This oversized transport will proceed at an average speed of 10 to 15 MPH and will be accompanied by police and civilian escorts during transit. This transport will occupy both lanes at times on I-89 south, vehicles will be unable to pass during these times.

by Sarah Lyons, Public Assets Institute There has been a lot of attention on the veto session this week and all that was accomplished this year—universal school meals, improved but imperfect investments in housing, and of course the signature accomplishment: the biggest investment in childcare in the country. But a less-noticed, otherwise unremarkable tax bill signed into law Monday by Governor Phil Scott contained two important provisions also worth celebrating. H.471, amid all of its technical changes, makes the state’s Earned Income Tax Credit (EITC) and the new state Child Tax Credit (CTC) available to all qualifying Vermont residents regardless of whether they have a Social Security card or an Individual Taxpayer Identification Number (ITIN).