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Bill: R.I 4150 - Public Ownership of Finance Institutions Act -

Details

Submitted by[?]: Venstre - Rød, Lilla og Grønt Allianse

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: March 4155

Description[?]:

INTRODUCTION
Introduced in April 4150, on initiative of His Majesty's Government, through the Finansministeriet (Ministry of Finance) and Handelsministeriet (Trade Ministry) for the benefit of the Kazulian people and economy

ARTICLE I: NATIONALIZATION OF KEY BANKS
Several of the largest national banks shall be nationalized, that is, bought out, owned, and operated as government enterprises, in order to ensure that ethics are adhered to that the free market cannot ensure.

ARTICLE II: THE CENTRAL BANK
The role of the Central Bank shall remain unaltered. The Central Bank is to continue to be responsible for working on government monetary policy, and in its role to control inflation, dxchange rates, and the integrity of currency.

ARTICLE III: BANKS TO BE NATIONALIZED
It shall be, henceforth, our government's duty to attempt to buy out or decrease the size of banks that grow too large. These actions will work to prevent financial recessions. A bank should have its assets bought off by state banks or His Majesty's Government Directly if they control more than 8% of the banking sector. Currently, Kongensbank, Øresbank, and Haraldsen shall be nationalized under the statutes of this act.

ARTICLE IV: SMALL BANKS
Banks that do not meet nationalization criteria shall be able to continue business as usual. They are to interact normally with State Banks.

ARTICLE V: CIVIL RIGHTS
State-owned banks shall follow the government operational standards for diversity and inclusion in their operations, rather than the ones that have been instituted for the private sector. This shall ensure a greater assurance for equality in business lending, hiring, home lending, and so forth.

Proposals

Debate

These messages have been posted to debate on this bill:

Date15:00:00, January 13, 2017 CET
FromVenstre - Rød, Lilla og Grønt Allianse
ToDebating the R.I 4150 - Public Ownership of Finance Institutions Act -
MessageHerr Huspresident,

We would like to open this floor to debate.

-Øystein Jakobssen
Finansminister (Minister of Finance)

Date06:09:03, January 15, 2017 CET
Fromkonservative-frihetlig Parti
ToDebating the R.I 4150 - Public Ownership of Finance Institutions Act -
Message"Herr Huspresident, Our Party will oppose this Bill. It is the position of the Konservative-Frihetlig Parti that individuals, not governments, know best how to spend and save there money. We believe that individuals should have the choice in what bank to invest and save with. Be that the Central Bank, A large Private bank or a smaller community bank. The Left need to stop controlling people's lives and money."- Anne Lystad MP, Leader of the Konservative-Frihetlig Parti

Date06:25:12, January 15, 2017 CET
FromVenstre - Rød, Lilla og Grønt Allianse
ToDebating the R.I 4150 - Public Ownership of Finance Institutions Act -
MessageHerr Huspresident,
Parlementsmedlem Anne Lystad,

This legislation does not restrict individual financial decisions. Rather, it protects them. We are stabilizing some of the major banks, and promoting the mechanisms which have strong precedent in antitrust law, to ensure that banks don't grow too large. No bank is too big to fail, and our government and this ministry realizes that when a bank that is a center of a disproportionate amount of investment fails, our citizens fail. This law makes no judgement against small banks, or individuals' finances. I would suggest you read this legislation over again, Parlementsmedlem, lest you continue to misunderstand its content.

Øystein Jakobssen
Finansminister av Kazulia

Date08:27:38, January 15, 2017 CET
Fromkonservative-frihetlig Parti
ToDebating the R.I 4150 - Public Ownership of Finance Institutions Act -
MessageHerr Huspresident

In response to the Finansminister's statement. I would like to point out that this bill actually does restrict the citizens choice in who to bank with. If they choose to bank with one of the larger banks, they have no choice but to bank with the government! Private Banks must compete with each other so the services they provide and the interest rates they charge would be various, allowing individuals choices in which bank to join! If banks are nationalised they would be forced to charge the same interest rates and provide the same services as the next competitor, The whole Idea of Free Markets is for consumers to have more choice and for competition in the market to provide the best outcome and savings for consumers.

Anne Lystad
Leader of the Konservative-Frihetlig Parti

Date14:52:24, January 15, 2017 CET
FromNasjonalt Arbeiderparti 🌹
ToDebating the R.I 4150 - Public Ownership of Finance Institutions Act -
MessageHerr Huspresident,

We do not support this legislation as it would be hypocritical. I would like to jog the memories of many. Several years ago, our state-owned Oil Company, Gasstrien was almost bought out by the New Endralonian government after the company shut down operations in the country. The New Endralonian government with minor support from opposition parties attempted to nationalize the company and its assets in New Endralon. We believe it is unethical and frankly hypocritical for us to come years after to attempt to do the same actions which we condemned.

Jonathan Gudmundson
partileder (NAK)

Date14:59:22, January 15, 2017 CET
FromVenstre - Rød, Lilla og Grønt Allianse
ToDebating the R.I 4150 - Public Ownership of Finance Institutions Act -
MessageHerr Huspresident
Parlementsmedlem Anne Lystad

Madame Parlementsmedlem, the Ministry hears your objections, and we sympathize with your ideas of individual choices, but we need to look together at the bill. The bill says that only banks that grow to take up over 8% of the banking sector shall be nationalized. This act does not outlaw large banks, it prevents banks from getting so large that effects of their collapse won't crush our economy. This encourages more selection within the banking sector, something I'd think you would support!

Øystein Jakobssen
Finansminister av Kazulia

Date15:22:17, January 15, 2017 CET
FromNasjonalt Arbeiderparti 🌹
ToDebating the R.I 4150 - Public Ownership of Finance Institutions Act -
MessageHerr Huspresident
Parlementsmedlem Anne Lystad

I believe since our party has ran into this matter before, it would be more accurate to paint a clearer picture. Nationalizing a bank can be a temporary setting and most of the times is done as a way to rescue either the bank or its customers and maybe even the economy (that is based on how influential said bank is). I think that this legislation helps the Office of the Supervisor of Insolvency be more effective and have a greater role in safeguarding the integrity of our economy. For instance when a major bank files insolvency, the Office of the Supervisor of Insolvency of the Ministry of Finance intervenes and if i am mistaken - sells said to another bank. Usually it is said that bank are under receivership and are re-privatised when sold to another bank. For most consumers, that ends up working out well – instead of losing your money in the bank, you’re protected. In many cases, one would not even notice when their bank fails. All of this will happen if this legislation is passed. But i must introduce a counterpoint. I believe that the nationalization process proposed in this legislation should be temporary instead of permanent.

Also, i would suggest that this legislation not in any form or fashion promote widespread nationalization by either the Ministry of Finance or the Central Bank under the guise of a bank being "too big to fail". Banks in that case should not treated like our current Agricultural Productivity Act (http://bit.ly/2iznLQb), meaning banks should not be cut down or in this case blindly nationalized.

Torgeir Landsverk
Nasjonal Arbeiderkongress
Financial and Economic Critic.

Date15:53:26, January 16, 2017 CET
FromVenstre - Rød, Lilla og Grønt Allianse
ToDebating the R.I 4150 - Public Ownership of Finance Institutions Act -
MessageHerr Huspresident,
Parlementsmedlem Torgeir Landsverk

Seeing as support from our coalition partner is unlikely, we would gladly work with you on great amendments. However, despite what our far-right colleagues in Konservativ-Frihetlig Parti think, it is evident that there must be some sort of meaningful partial-nationalization or temporary government attainment of assets, or a directive for banks to sell assets if they grow too large. It has been evident that this may become and issue --and in spite of the many virtues of the current way of handling insolvency, it assumes a risk that should be taken seriously.

It is still evident that there is a need for some nationalization. Nationalization of some private banks will have great benefits to our financial sector, including the enforcement of rates by market pressures outside of the Central Bank's Jurisdiction, and ensuring that people who need loans will be assessed fairly and without discrimination

Øystein Jakobssen
Finansminister av Kazulia

Date07:06:08, January 17, 2017 CET
Fromkonservative-frihetlig Parti
ToDebating the R.I 4150 - Public Ownership of Finance Institutions Act -
MessageHerr Huspresident
Øystein Jakobssen, Finansminister av Kazulia

We ask that you withdraw your comment on us being a far-right party, we are simply not. We belive in gender equality and we accept the LGBTIQ community as an important part of our society which on both issues our party and the left would be in agreement with. But we also believe in freedom of religion, freedom of speech, freedom of press and freedom of choice and all the good things that make a free and democratic society that the left unashamedly opposes.

Herr Huspresident, I would like to return to the point of debate, The Finansminister claims that by nationalisation of the banks would end discrimination against people. Well the fact of the matter is that for a bank to succeed in a Free-Market they have no choice but to get as many customers as they could in order to compete with other banks. This allows for customers to shop around and get the best deal for them. The free-market also forces major banks to charge smaller fees and interest rates in order to be able to compete with other financial institutions. Once again I say that by Nationalising banks, we eradicate the opportunity for the customer to get the best deal for there finances, mortgages and savings.

Anne Lystad
Leader of the Konservative-Frihetlig Parti

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Voting

Vote Seats
yes
   

Total Seats: 46

no
  

Total Seats: 50

abstain
  

Total Seats: 39


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