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Bill: Global Integration Act
Details
Submitted by[?]: Paranational League
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: January 4242
Description[?]:
| Whereas our nation has been thus far isolated from the global economy due to isolationist practices with regard to currency exchange and tariff collection the following act shall amend aforesaid policies in order to make the nation a meaningful participant in the global economy. Article One The Ministry of Finance shall be commissioned to begin the sale of government debt obligations, in the form of securities, to both foreign and national investors, the value of such obligations being the basis for the value of the nations currency. The rate of interest paid to the holders of aforesaid securities may be changed at the discretion of the Ministry of Finance. Definitions a. Debt Obligations- herein refers to the all expenditures by public entities outside of funds raised by established means of tax collection b.Securities- herein refers to public debt obligations that can be bought and sold as a means of raising additional capital by public entities. Such securities can be traded freely, yielding a pre-defined interest rate for the holder. Section A1- Procedure for the Sale of Securities The Finance Minister shall approve or deny requests by local vanguards and the national peoples congress for the collection of additional funds outside of current revenue streams. The Finance Minister at his discretion shall define the rate of repayment and interest to be paid on each request for additional funds, based on the credit worthiness of each the petitioning entity. Each request as approved by the finance minister shall be allotted a unique amount of shares to be traded on foreign and national markets. Section B1- Revaluing the National Currency It shall be at the markets discretion and the established credit worthiness of aforesaid securities that shall determine the value of the nations currency. Debt Obligations and the nations ability to pay such obligation shall hereafter be the means of securing the value of the nations currency. Section C1- Procedures for the Setting of Interest Rates Interest rates in all cases shall be fixed at the point of sale, with exception made for instances wherein public entities cannot pay said securitized debt obligations or in cases wherein global economic circumstances prevent threaten the stability of the domestic economy. It shall be the duty of the Finance Minister to petition the Peoples Congress in such cases and a new interest rate on existing securitized obligations shall approved on a 2/3 majority vote. Article Two In the absence of any clearly defined trade agreement with a foreign nation, the Minister for Trade and Industry shall hereby suspend all tariffs on foreign imports and shall only with the clear advisement of the Foreign Minister levy such tariffs on imported goods in cases wherein a tariff is imposed on national exports in another nation. Section A2- Revised Procedures for the Levying of Tariffs on Foreign Imports Tarifs on Foreign Imports shall be set in accordance with an annual or semi-annual report made by the Foreign Minister on tariffs levied on domestic exports in foreign countries. The Minister of Trade and Industry shall set tariffs of equal value on goods imported from such nations that levy tariffs on national domestic exports. |
Proposals
Article 1
Proposal[?] to change Exchange rate regime
Old value:: The exchange rate of the national currency is fixed by the government.
Current: The exchange rate of the national currency is allowed to float, but the government is permitted to intervene when necessary.
Proposed: The exchange rate of the national currency is allowed to float, but the government is permitted to intervene when necessary.
Article 2
Proposal[?] to change International trade (this is a default in the absense of a specific free trade agreement or specific trade embargo)
Old value:: The nation allows for imports, but imposes protectionist tariffs and quotas on all imports.
Current: The nation allows for imports, but imposes "ethical" tariffs on nations with lower environmental and labour rights standards.
Proposed: The nation imposes reciprocal tariffs on imports, with no tariffs imposed on states which impose no tariffs on our exports.
Debate
These messages have been posted to debate on this bill:
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| Vote | Seats | ||
| yes |
Total Seats: 750 | ||
| no | Total Seats: 0 | ||
| abstain | Total Seats: 0 |
| Random fact: Alduria, Rildanor and Lourenne all have Canrilaise (French) cultures. |
| Random quote: "Abortion is inherently different from other medical procedures because no other procedure involves the purposeful termination of a potential life." - Potter Stewart |