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Bill: Brightman-Hamilton Act of 4204
Details
Submitted by[?]: Unionist Party
Status[?]: passed
Votes: This bill is a resolution. It requires more yes votes than no votes. This bill will not pass any sooner than the deadline.
Voting deadline: December 4204
Description[?]:
| .Article 1: Creation of the Federal Reserve ..Section 1: The National Congress, under the enumerated powers of the Constitution, declares the creation of the Federal Reserve. ..Section 2: The main objectives of the Federal Reserve are to maximize employment, stabilizing prices, and moderating long-term interest rates. ..Section 3: The Federal Reserve shall: address banking panics; serve as the central bank of the Republic of Beluzia; strike a balance between the interests of private banks and the interests of the government by regulating private banks, and protecting consumer rights; manage Beluzia's monetary policy; provide financial services, including the Beluzian government; strengthen Beluzia's economic standing across the world. ..Section 4: The Federal Reserve will be controlled by a Board of Governors ...Subsection 1: All Representatives need to have prior experience in the financial field before serving on the Board. ...Subsection 2: Each political party in Beluzia will appoint one Governor to the Board. ...Subsection 3: The President will appoint two Governors and one Chair, subject to the National Congress' approval, to the Board for a term of 15 years. ...Subsection 4: The Chair will preside over all meetings of the Board of Governors. ...Subsection 5: If the President does not nominate a replacement at the end of the 15 years, the Governor's will be afforded another term. .Article 2: Immediate Aid to Banks ..Section 1: The Federal Reserve will be given $15 billion dollars, initially, to distribute to banks to prevent them from closing. ..Section 2: Banks will need to apply to the Federal Reserve system if they wish to receive aid. ..Section 3: Banks are required to have a reserve requirement of, at minimum, 10%. This must be a prerequisite before a bank joins the Federal Reserve. .Article 3: Creation of the Federal Deposit Insurance Agency. ..Section 1: This act allows for the creation of the Federal Deposit Insurance Agency (FDIA). ..Section 2: The main priority of FDIA is to provide insurance to depository institutions. .Article 4 ..Section 1: There will be a separation of commercial and investment banking. ...Subsection 1: If this section is violated, said bank will be subject to forfeiting all assets and money to the federal government. ..Section 2: The undue speculation of bank credits for speculative trading or carrying of any assets. ...Subsection 1: The minimum punishment will be a $2 million fine. |
Proposals
Debate
These messages have been posted to debate on this bill:
| Date | 04:33:57, May 01, 2017 CET | From | Beluzian National Party | To | Debating the Brightman-Hamilton Act of 4204 |
| Message | Proceed to vote |
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Voting
| Vote | Seats | |||||||
| yes |
Total Seats: 624 | |||||||
| no | Total Seats: 97 | |||||||
| abstain | Total Seats: 29 |
| Random fact: Players using inactive accounts and/or accounts from outside nations may only propose bills and/or contribute to discussions, whether IC (in-character) or OOC (out-of-character) with the general consent of the players in the nation. |
| Random quote: "I came, I saw, I conquered" - Julius Caesar |