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Bill: Reestablishing the Central Bank Act-4143
Details
Submitted by[?]: Freeborn Luthorians/Freeborn Coalition
Status[?]: passed
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: February 4144
Description[?]:
| Mr. Speaker, After observing the ruthless Capitalism that the NCP support, I have come to terms with the face me and my comrades will have to work hard and comprimise largely with our new Government members to revive Luthori's stolen public services and public sector jobs. Today, I propose something that means much, much to a great realm like the Empire, we must reestablish our central bank, in fact, on the LPU's terms. I am proud to propose the below I yield, Emma Genn Imperial Prime Minister (soon) ________ Article 1) Definitions: The Imperial Bank of Luthori (here on refered to as IBL) shall refer to the central bank, and there for the Nation's bank. The Chancellor from this point on shall refer to the "Chancellor of the Imperial Bank of Luthori" Article 2) The IBL shall function as the central bank and be owned directly by the state. It shall be used to set monetary(ex. inflation or deflation) policy by the finance ministry. Along with this, Article 3) There shall be a position known as the Chancellor of the Imperial Bank of Luthori (Chancellor) Article 3a) The Chancellor shall be appointed by the Imperoal Prime Minister for a 8 year term. Article 3b) The Chancellor shall directly control the IBL's monetary policy and act as the figurehead for the IBL. Article 4) The Imperial Prime Minister shall judge if the policy set by the Chancellor for the IBL are improper. It shall be an expectation for all actions take by the Chancellor be able to both meet the nation's need as the central bank and allow the IBL to give low loan rates, there for working for both the businesses of Luthori and her people. In the case the Chancellor returns a improper monetary policy that shall be expected to repeat the process of setting another policy up. |
Proposals
Article 1
Proposal[?] to change The banking system.
Old value:: All banks are privately owned.
Current: All banks are privately owned.
Proposed: The government operates a central bank and all other banks are private.
Debate
These messages have been posted to debate on this bill:
| Date | 16:34:33, December 30, 2016 CET | From | United Luthori | To | Debating the Reestablishing the Central Bank Act-4143 |
| Message | Mr. Speaker, I thank Ms. Genn for allowing time for debate on this bill. I have three points to make. First, and this is trivial, but Luthorian institutions have always featured the term "Imperial" as opposed to "Royal" or "Crown". Following this fashion, I propose changing the name to the Imperial Bank of Luthori (IBL). Second, rather than having the Minister of Finance, who is a political figure, run the Bank, I propose a nonpartisan position to be titled "Chancellor of the Imperial Bank of Luthori" to be created and to be filled by an appointment by the Imperial Prime Minister for an 8 year term. In this way, monetary policy is separated from the day-to-day political drama and our long term economic growth can be handled ithout sideshow distractions. Third, I would like to eliminate Article 3. The Bank should be independent, not run by the government. These amendments are based upon sound economic principles and guarantees independence and stability apart from the unpredictable election cycle our political world. One last side note, I would like to modify Article 2 so that it refers to "monetary policy" and not "financial policy". The government, specifically deals with fiscal policy (budget) and the Bank deals with monetary policy (currency flow). If the LPU would be so kind as to accept these changes, the HDU will happily vote for this bill and will drop the issue of complete private banks under my leadership. I yield. The Rt Hon. Margaret Patterson MD Leader of the HDU Minister of Education and Culture |
| Date | 23:00:31, December 30, 2016 CET | From | Freeborn Luthorians/Freeborn Coalition | To | Debating the Reestablishing the Central Bank Act-4143 |
| Message | OOC: Instead of finance ministry in article 2 it should be Chancellor. |
| Date | 05:35:31, December 31, 2016 CET | From | United Luthori | To | Debating the Reestablishing the Central Bank Act-4143 |
| Message | That's fine. It is noted in the record. |
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Voting
| Vote | Seats | |||||
| yes |
Total Seats: 486 | |||||
| no | Total Seats: 88 | |||||
| abstain | Total Seats: 76 |
| Random fact: Particracy does not allow official national flags of real-life nations or flags which are very prominent and recognisable (eg. the flags of the European Union, the United Nations, Nazi Germany, the Soviet Union or the Confederate States of America). |
| Random quote: "Every gun that is made, every warship launched, every rocket signifies, in the final sense, a theft from those who hunger and are not fed, from those who are cold and are not clothed. The world in arms is not spending money alone. It is spending the sweat of its laborers, the genius of its scientists, the hopes of its children." - Dwight D. Eisenhower |