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Bill: Banking Act
Details
Submitted by[?]: Radical Party
Status[?]: defeated
Votes: This is an ordinary bill. It requires more yes votes than no votes. This bill will not pass any sooner than the deadline.
Voting deadline: September 2625
Description[?]:
| While a Central Bank can provide some minor regulation and security to the market, its ability to observe interest rates and prevent market collapses is questionable, while unnecessary regulations it can put in place can hinder market growth and destroy the feasibility of a truly open and free economy. We must scrap the Central Bank in order to force banks to self-regulate, and ensure that they open an economic dialogue with each other, in their own best interests, to ensure market sustainability. John Giles Shadow Finance Minister |
Proposals
Article 1
Proposal[?] to change The banking system.
Old value:: The government operates a central bank and all other banks are private.
Current: The government operates and owns all banks.
Proposed: All banks are privately owned.
Debate
These messages have been posted to debate on this bill:
| Date | 21:12:12, August 22, 2008 CET | From | Democratic Capitalist Delegation | To | Debating the Banking Act |
| Message | Hindering market growth can be an essential tactic to minimizing the severity of a recession. While we agree that preventing market collapse in cases where it is imminent can prolong recessions and lead to long term economic issues, we believe that it is government bailouts, and not the actions of a central bank, that postpone an inevitable market collapse. Also, banks are the basis of every economy. We must ensure that consumers and investors can trust the banking system. Confidence in our financial infrastructure is essential to its continued success. Daunte Woodson Chairman Democratic Capitalist Delegation |
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Voting
| Vote | Seats | |||||
| yes | Total Seats: 196 | |||||
| no |
Total Seats: 305 | |||||
| abstain | Total Seats: 0 |
| Random fact: The players in a nation have a collective responsibility to ensure their "Bills under debate" section is kept in good order. Bills which are irrelevant or have become irrelevant should be deleted. Deletion can be requested for bills proposed by inactive parties on the Bill Clearout Requests thread: http://forum.particracy.net/viewtopic.php?f=11&t=4363 |
| Random quote: "And what is Aleppo?" - Gary Johnson |