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Boston Federal Reserve Developing Grant Program For Small Towns

The Federal Reserve Bank in Boston is shown in 2011. (AP)
The Federal Reserve Bank in Boston is shown in 2011. (AP)

The state of Vermont is working with the Federal Reserve Bank of Boston and a number of charitable organizations to develop a grant program to tackle problems facing small towns.

Boston Federal Reserve President Eric Rosengren joined Vermont Republican Gov. Phil Scott at the Barre Opera House recently to launch the "Working Communities Challenge."

It's a variation on the Working Cities Challenge program the Federal Reserve launched in Massachusetts six years ago that has expanded to Connecticut and Rhode Island.

The Working Cities model brings together private business, the state, and nonprofits to help people in struggling, post-industrial communities address chronic problems.

The Vermont program is being modified for Vermont's small towns. If successful, it could be expanded to New Hampshire and Maine.

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The Associated Press
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