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 H.
185
encountered
no
opposition
as
it
made
its
way
through
the
Vermont
House
and
was
passed
unanimously
by
that
body
on
February
27.5
However,
in
order
to
become
law,
it
also
needed
the
approval
of
the
State
Senate,
where
it
caused
a
bit
of
controversy.
Upon
receiving
the
House
version
of
the
bill,
it
was
referred
to
the
Banking
Committee.
After
examining
the
issue,
that
committee
came
to
the
conclusion
that
they
"could
see
no
necessity
for
such
a
lengthy
measure
due
to
the
fact
that
credit
unions
could
be
organized
today
under
a
Federal
Act,"
and
thus
recommended
that
the
Senate
reject
the
bill.
That
advice
seems
to
have
fallen
on
deaf
ears,
however,
and
it
passed
on
March
20
by
a
vote
of
twenty-one
in
favor
to
seven
opposed.
Indeed,
in
the
time
between
the
Banking
Committee's
recommendation
and
the
full
vote,
at
least
one
committee
member,
Senator
Niquette
of
Chittenden
County,
had
a
change
of
heart.
Explaining
why
he
voted
against
the
measure
in
the
Committee
before
supporting
it
in
the
full
Senate,
Niquette
stated
that:"The benefit to be realized from this act as has been explained by Senator Smalley is to make it easier for farmers to organize such unions without Federal 'red tape,' and as stated by Senator Douglass to allow credit unions to be organized among the workers in industries where they would be of great benefit. If the farmers prefer regulations such as advanced in this act to Federal regulation, I see no reason why they should not be allowed to try it out. I, therefore, will, for the reasons above stated, reverse my stand with the committee, and will vote 'yes' on this question."6 .
1
Statement
of
the
Burlington
Rendering
Co.
to
the
Champlain
Transportation
Co.,
Special
Collections,
University
of
Vermont
Library.
2
Communication
with
NCUA.
3
Vermont
VA
Federal
Credit
Union,
Dollars
and
Sense
(Winter
2009):
1. 4 Journal of the House of the State of Vermont, 1941, 186.
5
Ibid.,
232.
6
Journal
of
the
Senate
of
the
State
of
Vermont,
1941,
287-8.
7
Journal
of
the
House
of
the
State
of
Vermont,
1941,
516-7.
8 Ian MacPherson, Hands Around the Globe:
A History of the International Credit Union
Movement and the Role and Development of
the World Council of Credit Unions, Inc.
(Victoria, Canada: Horsdal & Schubart,
1999), 37.
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