We are working on a brand new version of the game! If you want to stay informed, read our blog and register for our mailing list.
Bill: Finance Reform Act I. II
Details
Submitted by[?]: Popular Bloc
Status[?]: defeated
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: March 4664
Description[?]:
| The current state of finance (state and private) and the banking system are not in line with state's and public interests. This restructuring of the national financial system and the central bank, which is responsible for the current state of the treasury, will make the entire financial system and the central bank, and thus the treasury, more efficient, effective, stable and democratic and will really act in the interests of the people. These almost radical changes can strengthen the economy and take further steps towards a stable and democratic society. The following paragraphs are: Article I. :The state should operate the central bank as well as other large banks. The large banks are financial institutions that influence the financial situation of the whole state and are thus very important for the state treasury. The large banks should be connected to the central bank, but nevertheless it should have its own treasury and have an independent committee as an autonomous institution. The large banks, instead of the treasury, will take out the loans and lend money to the companies and other organizations that can improve the situation of the companies (efficiently because state of financial is more united) and thus the entire economical situation. The large banks should serve only for businesses, not for individuals. At smaller large banks, which will be active in the national scale, the whole population should own 15% of the shares of the bank (man sell it to the state or reject the share) and thus have a say in the bank (take part in decision-making processes, each bank regulated differently). Small banks should stay privatized to take care of their regional finances (the state will subsidize or somehow help privatized banks if needed) Article II. :The government should have the possibility to intervene if needed to ensure the stability. A national Public Finance Institute, in wich members are elected by the people at their constituencies after every general election, has the authority to control the the central bank, to propose ideas and candidates for the gouverneur of the central bank. Article III. : The government should nationalize failing industries to provide economical stability. The nationalized industries must be diveded into regional industries, be publicly owned and must include democratic worker's councils. The government will subsidize struggling enterprises (article 1) but failing enterprises should be nationalized (and socialized) Article IV. :The government should regulate the stock exange and should own stock exchanges too. The stock exchanges owned by the government should be regulated by the central bank (51%) and by the Public Finance Institute (Article 2)(49%), this would ensure that a part of the government owned stock exchanges would be a matter of public ownership and would ensure the democratic system. Article V. :All industries and businesses owned by state should be publicly owned (socialized), diveded into regional businesses and should include democratic worker's councils and its employees should own the majority of the shares (but the government should of course own shares of the buissness as well) This bill is a slightly changed version compered to the previous bill. Mario Negri MP Minister of Finance |
Proposals
Article 1
Proposal[?] to change The banking system.
Old value:: The government operates a central bank and all other banks are private.
Current: The government operates a central bank and all other banks are private.
Proposed: The government operates large, national banks, but small community based private banks are allowed.
Article 2
Proposal[?] to change Central Bank oversight and regulation (if a central bank exists)
Old value:: 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.
Current: The central bank is an entirely independent agency of the government.
Proposed: The government appoints the head of the central bank and an executive board to manage the central bank and can interfere with its operations.
Article 3
Proposal[?] to change The government's position towards the stock exchange(s).
Old value:: Stock exchanges are allowed and are unregulated.
Current: Stock exchanges are allowed but are regulated.
Proposed: Stock exchanges are allowed but are regulated.
Article 4
Proposal[?] to change Government policy on industry and subsidies to industrial operations.
Old value:: The government subsidizes private enterprises that face bankruptcy.
Current: The government acts as an investor of last resort, by nationalizing failing industries that provide vital goods or services.
Proposed: The government acts as an investor of last resort, by nationalizing failing industries that provide vital goods or services.
Debate
These messages have been posted to debate on this bill:
| Date | 20:02:58, November 06, 2019 CET | From | Popular Bloc | To | Debating the Finance Reform Act I. II |
| Message | We are willing to cooperate with other parties to improve it in the future |
| Date | 22:30:52, November 06, 2019 CET | From | Social Capital Party | To | Debating the Finance Reform Act I. II |
| Message | The SCP supports the spirit of these bills; the financial system does indeed need to be reformed. However, the SCP cannot support these proposals as written. Large industries - even run by democratic means - are just as big a problem as large privately run industries. The problem is their scale and their power within the market. The SCP wishes to see this power destroyed and replaced by small, so-called "mom and pop" industries or else worker-run cooperatives. The scale and power of large banks has the same, if not more, issues. We would like to see the financial system broken up. While the state may control an important central bank, large banks should be broken up and their money instead distributed by their owners into locally owned and operated credit unions or small-scale banks. Article 3 specifically goes against our SCP 2.0 - "Everyone an entrepreneur: 1 Million New Businesses Initiative" (http://classic.particracy.net/viewbill.php?billid=611309). We cannot support. |
| Date | 18:25:39, November 11, 2019 CET | From | Popular Bloc | To | Debating the Finance Reform Act I. II |
| Message | We have made some changes to this proposal. Large businesses and banks should be subdivided into smaller regional banks, in order to reduce the size and their power in the market and insure that small business and banks will compete in a fair competition. Anastasia Urgeillstone MP Leader of the PB |
| Date | 20:28:08, November 12, 2019 CET | From | Social Liberty Party | To | Debating the Finance Reform Act I. II |
| Message | We totally agree with artilces 3 (subsidies to industrial operations) and 4 (stock exchanges). However, we can not agree with article 2 (CB regulation). The Central Bank, as a public authority of special regime with the aim of regulating a specific market - banking - should have its independence assured by our legislation, such as a national regulatory agency. It indeed has a strategic function, and thats why the Government indicates the board, but open the possibility of avocation will turn all the tecnical function of the CB into political. About article 1, we are still open for debate |
subscribe to this discussion - unsubscribe
Voting
| Vote | Seats | |||
| yes | Total Seats: 48 | |||
| no |
Total Seats: 200 | |||
| abstain |
Total Seats: 91 |
| Random fact: Any RP law granting extraordinary "emergency powers" or dictator-like powers to a government must be passed by at least a 2/3rds majority, but (like all RP laws) may always be overturned by a simple majority vote of the legislature. |
| Random quote: "Before all else, be armed." - Niccolo Machiavelli |