Housing Reform
In addition to responsibly financing housing reform, we must address the state’s solvency first, so that housing reform can exist through a multitude of investment opportunities, including but not limited to real estate investment trusts (REITs). These investment opportunities exist exclusively on a bipartisan basis that satisfy both government agencies and private sector developments. Firms that invest in residential mortgage pass-through securities permit the fiscal strength of the state to be increased and thereby factor in the solvency of the state. Therefore, the Treasurer’s Office is charged with the responsibility of guaranteeing the legislature coherent and transparent financial literacy to ensure that housing reform, as approved by the legislature, is sustainable.
Healthcare Reform
Historically, the intent for a single-payer system to be implemented in the State of Vermont was correct; however, the financing was not sustainable due to the tax increases that were required. For this reason, the single-payer system had to be discontinued. Nevertheless, that does not diminish the fact that the state does require healthcare reform. By increasing the state’s fiscal strength, the assets of the state then outweigh its liabilities via strategic sequence (e.g., addressing housing reform prior to healthcare reform). In relation to guaranteeing Vermont State residents access to affordable healthcare, the state can include a single-payer system with the legislature’s approval, as long as securing the solvency of the state is factored in first.
Education Reform
ACT 73 has been a major concern for Vermonters in rural and small school districts. This is precisely the reason that the Treasurer’s Office should work with the legislature to champion investments via sponsorships to responsibly support school districts that have been negatively impacted and encourage reforms and renovations for technical centers and trade schools. This introduces solutions to Vermont’s demographics and creates an educational curriculum that is more consistent with addressing our youth’s academic needs. Ultimately, technical centers and trade schools provide exceptional opportunities for our students to have equal access to economic opportunity, including apprenticeships and high-paying jobs upon graduation.
Treasurer’s Responsibilities on Reforms
To ensure the reforms’ sustainability, the sequence of reform for the State of Vermont is as follows: housing, healthcare, and education in that specific order. The revenue that is generated from housing reform can be allocated to responsibly finance healthcare reform, which then ensures that education reform is sustainable. Regardless of the reform, the Treasurer’s Office has a responsibility to closely examine the ramifications of any reform presented. Then, the Treasurer must assure Vermonters that any reforms that are passed by the legislature and approved by the governor will be sustainable and not harm the state’s solvency. The Treasurer’s Office has a direct role in taking other factors (such as possibilities of inflation where applicable) into consideration, and consulting with the legislature and the governor to exemplify how sustainable the reforms are. As a whole, the Treasurer’s Office has the responsibility to thoroughly review the information presented before any investment decisions, as directed by the legislature concerning the state, are made.
Collaborative Banking System
A collaborative banking system (public bank) could be the most formidable investment that the State of Vermont can significantly benefit from. Not to be confused with either a state bank or a partnership bank, a collaborative banking system allows for the combination of orthodox financial regulation, security, and well-balanced economic benefits that synchronize with strategic management. They utilize cutting-edge and user-friendly technology that addresses the rapid changes in economic growth. Although collaborative banks are synonymous with state banks in certain regards, the primary difference is that collaborative banks permit faster and personalized financial services, such as seamless digital onboarding and improved loan processing times. Collaborative banks are major sources of significant revenue generation via strategic partnerships for economic innovation and environmental efficiency. This also increases non-interest income through specialized services. Additional benefits include cost efficiency plus responsible/regulated sharing of speculative risk that is completely separate from the state’s budget and restores power to the people. Collaborating with established vendors allows for better regulatory adherence and shared security responsibilities. Shared technology and infrastructure costs reduce the burden on individual institutions, particularly for mid-sized and community banks. This also includes championing small businesses that contribute to job creation and allowing all Vermonters to have equal access to economic opportunities.
How the Treasurer’s Office issues bonds
The Treasurer’s Office holds a significant position in bond issuance, and therefore, bonds are issued at the end of a well-thought-out process. First, there is a capital debt affordability advisory committee that sets the amount of debt that the state can afford. That committee maintains its credit rating and affordability to the taxpayers, as it factors in the net and tax-supported debt. All recommendations made by that committee are sent to the governor and the legislature. The governor’s office and legislature can choose to abide by those recommendations or disregard them. That is ultimately their decision. The legislature then selects the projects that they deem worthy of the most attention. My argument is that the decisions that the governor’s office and legislature make, which are based on the recommendations submitted to them by the advisory committee, should accurately reflect the best interests of Vermonters. This is a milestone to how the legislature appropriates funds to benefit Vermonters in multiple ways. It also encourages the legislature to explore innovation, promote creativity, exchange ideas, and then capitalize on financial options that can be agreeable to all sides of the aisle. After all, it is the legislature’s responsibility to represent the people who voted for them. Afterwards, the Treasurer’s Office then issues the bonds and emphasizes the structure of those bonds to ensure that all bonds issued are in accordance with improving the state’s bond rating. All bonds should be issued with reason and fairness. Ultimately, Vermonters deserve the best bond rating that the state can have. It is the Treasurer’s responsibility to effectively communicate with the rating agencies regarding bond issuance.
