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Bill: Banking Reform Act 4246
Details
Submitted by[?]: Communist Party
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: September 4247
Description[?]:
| This act seeks to introduce a central bank to help maintain healthy levels of inflation and restrict the exploitation of "money creation" by private banks. The Act Guidelines 1. The bank is FORBIDDEN to involve itself in private lending practices such as home mortgages, personal loans etc. 2. The bank will maintain the power to set national interest rates. 3. The bank will have the ability to inject cash into other banks (quantitative easing) in the event of financial or economic turmoil with approval from Congress. 4. The bank will be the only bank which has power to issue new currency (print money), which will be subject to government requests and congress approval. The bank shall be named - The Mordusian Central Bank Governor shall be appointed by the head of government for a set period of 15 years. |
Proposals
Article 1
Proposal[?] to change The banking system.
Old value:: All banks are privately owned.
Current: The government operates a central bank and all other banks are private.
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 | 07:54:30, July 25, 2017 CET | From | Communist Party | To | Debating the Banking Reform Act 4246 |
| Message | MR Speaker, The floor is open to discussion. |
| Date | 22:06:40, July 25, 2017 CET | From | Statesmen of Mordusia for Self Reliance | To | Debating the Banking Reform Act 4246 |
| Message | We are skeptical. We could only agree to this if it was made clear that the charter of the bank was clear and limited. The bank's main purpose should be to maintain the Treasury of the Republic. The bank could be used to regulate the currency as a countermeasure to currency manipulation practices of other nations. The bank should never involve itself in private lending practices such as home mortgages. Such a practice would distort markets, which would be inefficient and detrimental to our economy in the long term. We are greatly concerned that the power of this bank could get out of control so we must ensure its power is limited by law. |
| Date | 07:09:52, July 26, 2017 CET | From | Communist Party | To | Debating the Banking Reform Act 4246 |
| Message | We thank the SMSR for their input. Please see above the articles added to the act. |
| Date | 08:06:32, July 26, 2017 CET | From | Mordusia First! | To | Debating the Banking Reform Act 4246 |
| Message | We support privatization and restraining interference but this seems necessary. If this passes the first Governor of the Mordusian Central Bank will be appointed straight away. Camden Brady Chancellor of Mordusia |
| Date | 14:37:18, July 26, 2017 CET | From | Statesmen of Mordusia for Self Reliance | To | Debating the Banking Reform Act 4246 |
| Message | I want to personally commend the Mordusian Socialist Party for their work on this bill. This turned out to be a really good bill for Mordusia. -President Rodson |
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Voting
| Vote | Seats | |||||
| yes |
Total Seats: 487 | |||||
| no |
Total Seats: 164 | |||||
| abstain |
Total Seats: 99 |
| Random fact: Google Translate can help you with those language translations: https://translate.google.com/ |
| Random quote: "The only way I can lose this election is if I'm caught in bed with either a dead girl or a live boy." - Edwin W. Edwards |