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Bill: Lex Mutanabbia de Sui Iuris Fundo Divitiarum
Details
Submitted by[?]: Factio Republicana Socialistica
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: October 4436
Description[?]:
| Mutanabbian Law on a Sovereign Wealth Fund Senators, Our current policies on direct foreign investment requires foreign companies to obtain government approval before investing in our economy, which allows us to shield ourselves from the more negative impacts of FDI without leading to full-blown protectionism. But there is one other aspect of our economy that leaves us vulnerable to the interests of foreign capital, and that is the possibility of a "capital strike". Capitalists exert undue influence over our government by withholding resources, like jobs, credit, goods, and services, on which we depend, through layoffs, offshoring, denying loans, or just a threat to do these, in order to pressure our government to modify its policies to suit their goals. It is time for us to put an end to this undue influence of capital over our economy and restore popular sovereignty and economic democracy. In order to achieve this goal we propose the establishment of a Sovereign Wealth Fund. With the passing of this bill the Sui Iuris Fundus Divitiarum Rei Publicae (Sovereign Wealth Fund of the Republic) is established as a non-commodity fund and shall be required to support national companies in their export activities, act as a mechanism for anti-cyclical development, promote investments in projects of strategic importance for the Republic domestically and abroad, and, in case of a capital strike, shall be empowered to reallocate assets to counter domestic job loss or disinvest from companies, domestic or international, that are using their power to influence the Republic's public policy. The advisory board of the Sovereign Wealth Fund of the Republic shall consist of the Minister of Finance and the President of the Central Bank. Haider bin Talal al-Mutanabbi Princeps Senatus |
Proposals
Article 1
Proposal[?] to change Government policy on industry and subsidies to industrial operations.
Old value:: The government acts as an investor of last resort, by nationalizing failing industries that provide vital goods or services.
Current: Certain industries are owned by the state, all others are under private ownership.
Proposed: The government subsidizes private enterprises that face bankruptcy.
Debate
These messages have been posted to debate on this bill:
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| Vote | Seats | ||
| yes | Total Seats: 634 | ||
| no | Total Seats: 0 | ||
| abstain | Total Seats: 116 |
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