Montpelier, Vt. With hundreds of millions of federal stimulus dollars set to flow to Vermont, Speaker Shap Smith today called for the formation of a Vermont Oversight Panel to ensure transparency and the effective deployment of taxpayer dollars.
The Federal Stimulus package represents a huge investment in Vermont and an opportunity to ensure that Vermont families not only weather the current economic storm, but emerge stronger on the other end of this crisis, Speaker Smith said. However, with so many taxpayer dollars set to flow through our communities, it also has the potential to result in fraud and waste. It is imperative that Vermont ensures every taxpayer dollar is invested in our communities quickly and effectively.
The Speaker proposed that a three member panel oversee the deploymentof federal stimulus dollars one member of the House, one member of the Senate and one representative from the Administration. Speaker Smith called for the panel to be constituted immediately and to begin issuing quarterly reports on how much federal stimulus has been deployed and where those dollars have been invested. Speaker Smith outlined the following three priorities by which he will ask the oversight panel to evaluate stimulus projects:
Creation or retention of Vermont jobs
Investments for the long-term benefit of the state
Immediacy of the stimulative effect.
We have one chance to make sure these federal funds are invested wisely, said Speaker Smith. We must ensure our investments protect the taxpayers and help build a stronger, more vibrant Vermont for the future.