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Bill: Regulierung der Finanzmärkte
Details
Submitted by[?]: Die Sozialdemokraten
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: November 3617
Description[?]:
| The Government must take decisive and swift action to properly regulate the financial market and build a safe banking system where most of the private action is left to local community banks. Wolfgang Haack MdR DS Backbencher DS-Hulstria |
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 large, national banks, but small community based private banks are allowed.
Proposed: The government operates large, national banks, but small community based private banks are allowed.
Article 2
Proposal[?] to change The government's position towards the stock exchange(s).
Old value:: Stock exchanges are allowed and are unregulated.
Current: Stock exchanges are allowed but are regulated.
Proposed: Stock exchanges are allowed but are regulated.
Debate
These messages have been posted to debate on this bill:
| Date | 14:33:54, February 04, 2014 CET | From |  Liberale Volkspartei | To | Debating the Regulierung der Finanzmärkte |
| Message | Herr Präsident, for a highly-developed, prospering and international economy like ours, it would be irrational to restrain private banking to the local level. Large politicized government government banks cannot meet the demands of the private sector, because they do not abide to market rules. Sepp Holzinger, MdR LVP-Mitrania Wirtschaftsminister |
| Date | 14:49:45, February 04, 2014 CET | From | Hosianisch-Demokratisches Verbund | To | Debating the Regulierung der Finanzmärkte |
| Message | Herr Präsident, I would like to support the remarks just made by my colleague, Herr Holzinger. Stock exchange regulation is an issue for debate: at the moment, our position is that we'd like to give the deregulations of Frau von Gehrfeld a fair trial. If Herr Haack can give evidence that the stock market should be regulated, he can go ahead and present it to the House, but he has so far failed to do so. Regarding the nationalisation of all national banks - much though we are in favour of cooperative banking and corporate social responsibility, we do think this is a bridge too far and very hard to justify. The government's place in the financial market is that of a regulator, not of a provider - and we strongly believe that it should remain that way. die sr. ehrw. Liduine Peters, MdR (HDV - St. Anton und Budental) Finanzministerin |
| Date | 16:12:39, February 04, 2014 CET | From | Die Sozialdemokraten | To | Debating the Regulierung der Finanzmärkte |
| Message | Herr Präsident, The stock exchange works best when investors are fully informed and protected from fraudulent behaviour by some unscrupulous companies which falsify data and spread false rumors about rivals to weaken their market performance. Regulators will force companies to release full information so as not to build financial markets reliant on speculation and rumours. More people are more likely to invest if the markets are seen as free of the vices I mentioned above thus a win for the national economy. The Finance Minister surely is aware of all this, I saw no need to give such simple evidence but hey, I guess I have to - what's straightforward for me is clearly not for the Finance Minister... DS prefers an economy dominated by small and medium sized enterprises and community banks are known for excellent cooperation and understanding of small businesses. Large private banks have a tendency to build dangerous and inefficient monopolies regardless of the existence of anti-monopoly laws. I would prefer that monopolies bad as they are be public owned since the public monopoly's profits are shared between all citizens while those of an inbred dynasty running a decrepit monopoly aren't. Wolfgang Haack MdR DS Backbencher DS-Hulstria |
| Date | 18:12:21, February 04, 2014 CET | From | Liberale Volkspartei | To | Debating the Regulierung der Finanzmärkte |
| Message | Herr Präsident, Herr Haack's objections are made up out of thin air, and can be subsumed under the title of economic scaremongering. Everyone, including the Finance Minister, knows that no contender can ever be fully informed about the workings of the market - least of all governmental institutions and regulators. Even if some "unscrupulous companies" distort data or spread false information, they can never lastingly manipulate economic reality, and the market itself will act as a remedy to such tampering. Investors are furthermore generally very cautious regarding the way they spend their money, and they do not need the guidance of big buraucracy to properly inform themselves about their investment schemes. Sepp Holzinger, MdR LVP-Mitrania Wirtschaftsminister |
| Date | 18:18:17, February 04, 2014 CET | From | Liberale Volkspartei | To | Debating the Regulierung der Finanzmärkte |
| Message | Herr Präsident, Herr Haack's remarks are interesting in another way that the Business Minister was too polite to mention. If he says that "DS prefers an economy dominated by small and medium enterprises", and if that is his party's official line, then we must conclude that the SoLis believe that politicians and bureucrats ought to decide on the structure of the economy, not the customers , who are the true sovereign in the interaction of supply and demands. Once we accept that premise, a centrally planned economy is not so far away anymore. Apparently the SoLi backbenches are already deeply infiltrated not only by mainstream LINOs, but, even worse, also by crypto-communist obscurantists, as the example of Herr Haack proves. Emilia Lahnsteiger, MdR LVP-Hulstria Former Staatsministerin |
| Date | 18:22:23, February 04, 2014 CET | From | Die Sozialdemokraten | To | Debating the Regulierung der Finanzmärkte |
| Message | Herr Präsident, Yes indeed, no one can be fully informed about anything really but being better informed would hurt no one and we would rather protect the safety of investors than the purity of the 'market'. Ensuring full access to all company data and monitoring the activities of corrupt brokers are all things that would hardly distort the precious 'market'. Right now there is no mechanism for ensuring the safety of investors at all, it could be a fake company that steals the investors money and there is no regulation whatsoever to watch out for such criminal behaviour. Herr Holzinger is absolutely correct, people should be scared and scaremongered by the alarming reckless activities that some in the stock market can get up to. Wolfgang Haack MdR DS Backbencher DS-Hulstria |
| Date | 18:42:13, February 04, 2014 CET | From | Die Sozialdemokraten | To | Debating the Regulierung der Finanzmärkte |
| Message | Herr Präsident, The last thing we need is a hypocritical statement from the manager, for 12 years, of one of the largest' centrally planned' departments of the Government (Health Ministry). The fact is a substantial part of our economy is already planned, especially in the health and education sectors. There is nothing wrong with moderate economic planning to hash out the harmful effects of the unfettered market economy and ensure some measure of equality. This applies to banks just as it does to schools and hospitals. Wolfgang Haack MdR DS Backbencher DS-Hulstria |
| Date | 18:49:54, February 04, 2014 CET | From | Liberale Volkspartei | To | Debating the Regulierung der Finanzmärkte |
| Message | Herr Präsident, it might not please Herr Haack, but this government is planning to decrease planning and increasing choice in the area of education as well. We believe that government has a role in ensuring broad access and coverage regarding education and health, but this does not contradict allowing a substantial degree of market-based competition and choice. That's why, for example, we have a private pension scheme mandate and not a centrally-planned uniform state-decreed pension plan as Herr Haack's party would prefer. Sepp Holzinger, MdR LVP-Mitrania Wirtschaftsminister |
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Voting
| Vote | Seats | ||
| yes |
Total Seats: 209 | ||
| no | Total Seats: 434 | ||
| abstain | Total Seats: 0 |
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| Random quote: "Capitalism demands the best of every man- his rationality- and rewards him accordingly. It leaves every man free to choose the work he likes, to specialize in it, to trade his product for the products of others, and to go as far on the road of achievement as his ability and ambition will carry him." - Ayn Rand |