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Senate committee backs bill to let treasurer consider Vermont credit unions for state deposits; report adopted
Summary
S.180 would let the state treasurer consider Vermont‑domiciled credit unions as depository options for state funds; Finance Committee reported favorably and the Senate adopted the report and ordered third reading after questions about the effective date.
Senator Chittenden presented S.180, a bill to modernize statutory language governing where the state treasurer may place deposits. He said current statutes limit the treasurer to banks, savings and loan associations, and community development credit unions; S.180 would allow consideration of Vermont‑domiciled credit unions and other in‑state institutions as depository options without requiring placement there.
Chittenden said the Finance Committee heard from representatives including Joe Bergeron (Association of Vermont Credit Unions) and officials from the Office of the State Treasurer and the Vermont Bankers Association. The committee voted to report S.180 favorably and urged the Senate to concur.
A senator asked why the bill’s effective date was set as it was and whether the treasurer and affected institutions would have adequate notice; Chittenden replied that interested parties were aware and that effective-on-passage timing would allow competition among providers. Following the report, the Senate adopted the committee recommendation and ordered S.180 read a third time by voice vote.
The bill’s sponsor emphasized that S.180 does not require the treasurer to place deposits in credit unions but expands the treasurer’s statutory options to keep more funds within Vermont. The transcript records the committee testimony and a voice‑vote outcome; no roll‑call tally appears in the record.
