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RHD's Equal Dollars community currency movement grows with Vermont legislative effort
2/18/2010 3:01:15 PM
State Representative Michael Fisher (802-989-9806), mfisher@gmavt.net
Spurred by a discussion of the success of Philadelphia’s Equal Dollars, a companion currency founded by Resources for Human Development, legislation has been introduced in Vermont to start a community currency program in that state.
H-750, introduced by Rep. Mike Fisher (D-Lincoln), would require the secretary of commerce to contract with a nonprofit corporation to develop and introduce Vermont Dollars into the state economy. The legislation emerged after a series of discussions and meetings with RHD CEO Bob Fishman.
“Like every other state, we are facing deficits and the reality of having to cut important supports that help Vermont families,’’ Fisher said. “People in our communities are very worried about facing a shortfall of US Dollars, and we have to look at creating new ways to face that. It’s crucial to engage in this conversation and let people gain some familiarity with the idea that there are other options. As a State Representative, the tool for publishing an idea is the introduction of a bill. Getting this idea out there in the public for a healthy debate is a very important step.”
In October, Fishman accepted an invitation to meet with the Vermont Treasury Department and several state legislators to discuss RHD’s Equal Dollars program.
“I’m pleased that our activities in Philadelphia have stimulated this action in Vermont and trust that more local governments will start to wake up to this local stimulus option,’’ Fishman said. “I applaud Vermont for being receptive to the discussion and introduction of this addition to the U.S. dollar economy in their state.”
RHD’s Equal Dollars Community Currency program has stimulated a flurry of economic activity in the last year. RHD borrowed 25,000 Equal Dollars last year in an interest-free loan, and in December paid back the first installment on the loan. RHD paid bonuses to its central office staff in Equal Dollars and hosts a bi-weekly vendors’ bazaar and a weekly farmers’ market that charges Equal Dollars. RHD allows Brothers’ Keepers (an employment program for ex-offenders) to pay rent for office space in Equal Dollars and made a loan that spurred employment at SHARE Food program.
RHD has discussed with members of the Philadelphia City Council the city government’s possible use of the community currency to stimulate economic activity. Equal Dollars representatives are available to advise the efforts in any locality or state to embrace a community currency.
“In most of our communities, U.S. dollars are scarce and expensive – while local energy and goods are abundantly available,’’ said Fishman, who accepts a portion of his CEO salary in Equal Dollars. “This tool of a local interest free currency will help us to combine what’s going to waste and add vitality to local economies.”
