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Bill: Alorian Federal Bank Act
Details
Submitted by[?]: Plaid Ffederaliaeth a Rhyddid
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 4300
Description[?]:
| Article 1 The central bank shall be formally constituted under the name of the Alorian Federal Bank (AFB), Article 2 Section 1 The AFB shall have a triple mandate of price stability, full employment, and maintaining the economy at potential output. Section 2 Price stability shall be defined as inflation between 0% and 2% for a consumer price index in Aloria as determined by the AFB. Section 3 Full employment shall be defined as unemployment at the natural rate as determined by the AFB. Section 4 Potential output shall be defined as highest level of real gross domestic product that can be sustained over the long term. Article 3 Section 1 The AFB shall be empowered with the ability to set reserve requirements for banks in Aloria. Reserves must be kept at the AFB. Section 2 The AFB shall be given the power to lend to banks. Article 4 Section 1 The AFB shall be governed by the Executive Board of the Alorian Federal Bank. The membership will be composed of the Chair, Vice Chair, and 4 Boardmembers. Section 2 The Executive Board shall be headed by the Chair of the Alorian Federal Bank, who will serve a 10 year term. The Chair shall be selected by the head of state. Section 3 The head of government shall appoint a Vice Chair to the Executive Board who will serve a 10 year term. Section 4 The Minister of Finance shall appoint 2 members of the Executive Board to serve 10 year terms. These members will be known as Boardmembers of Finance. Section 5 The Minister of Trade and Industry shall appoint 2 members of the Executive Board to serve 10 year terms. These members will be known as Boardmembers of Commerce. Section 6 In the case of death or incapacitation of members of the Executive Board, the head of government will appoint a replacement until the end of the original term. Section 7 The Executive Board shall meet at in January, April, August, and November of each year to determine the policies of the AFB. Their decisions will be made by a 4 out of 6 minimum vote. The Chair can call an emergency meeting of the Executive Board at times other than their regular meetings. Section 8 The legislature may remove a member of the Executive Board by a vote of 2/3rds. Article 5 Section 1 The daily activities of the Alorian Federal Bank shall be governed by the Chair, who may delegate daily responsibilities to the Vice Chair. Section 2 The Alorian Federal Bank shall be headquartered in Sildar Urbem. Section 3 The Alorian Federal Bank shall be composed of constituent branches known as, "Gavonshire Federal Bank" in Freiheit, "Cymertraeth Federal Bank" in Llyn, "Caermoel Federal Bank" in Prif, "Sildar Federal Bank" in Ceres, "Ultran Federal Bank" in Port Freiheit. Section 4 The constituent branches shall operate under the direction of the Alorian Federal Bank. Each constituent branch shall be headed by a Governor. Constituent branches shall govern and constitute themselves independently, with shares owned by banks operating in the State they are situated in. Section 5 The Executive Board shall be able to, with a vote of 5 of 6, remove and replace a governor of a constituent bank. Article 6 This law shall only pass with a vote of 2/3rds of the national legislature |
Proposals
Article 1
Proposal[?] to change Central Bank oversight and regulation (if a central bank exists)
Old value:: The central bank is underneath the direct oversight of the national legislature.
Current: The central bank is underneath the direct oversight of the national legislature.
Proposed: The government appoints the head of the central bank and an executive board to manage the central bank but does not otherwise interfere in its operations.
Debate
These messages have been posted to debate on this bill:
| Date | 21:53:56, November 07, 2017 CET | From | Plaid Ffederaliaeth a Rhyddid | To | Debating the Alorian Federal Bank Act |
| Message | Requires 364 votes to pass. |
| Date | 21:57:04, November 07, 2017 CET | From | Democratic Socialist Union | To | Debating the Alorian Federal Bank Act |
| Message | We support! |
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Voting
| Vote | Seats | ||||
| yes |
Total Seats: 433 | ||||
| no | Total Seats: 0 | ||||
| abstain | Total Seats: 112 |
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