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Bill: Banking Reform Act of 4684
Details
Submitted by[?]: National Renewal (bug) Party
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: November 4685
Description[?]:
| These acts are intended to help support the economy and make lending more efficient and cheaper to get the government out of it. |
Proposals
Article 1
Proposal[?] to change Policy on the charging and collection of interest on loans
Old value:: Charging interest on loans is illegal
Current: The central bank determines the policy on charging interest on loans (if one exists)
Proposed: Banks and financial institutions charge interest on loans and are regulated
Article 2
Proposal[?] to change Reserve requirements for bank loans
Old value:: There is a full reserve requirement for bank loans.
Current: There are no reserve requirements for bank loans.
Proposed: There is a fractional reserve requirement for bank loans.
Article 3
Proposal[?] to change The banking system.
Old value:: The government operates and owns all banks.
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 | 00:08:17, December 24, 2019 CET | From | National Renewal (bug) Party | To | Debating the Banking Reform Act of 4684 |
| Message | article one is an improvement because it will incentivize people to lend their money because they will be able to balance the risk of default with the interest charged. the system would still be regulated to ensure that there is no loansharking or usury activity, overall then it's a big improvement. article two would also help improve the banking system because requiring a full reserve significantly limits and slows banks opportunity to lend money to businesses and others. liquidity is an important element of financial institutions and a full reserve requirement incentivizes smaller investments, ect and the decrease in flexibility will further make these investments less attractive. article three would improve the banking system because it would sell the state-owned banks from public to private hands, this would have a positive effect on the budget, which has a deficit, and would retain the central bank in government hands to ensure monetary stability. Please leave your comments and thoughts on this policy, I think it would be a positive change in policy. |
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Voting
| Vote | Seats | ||
| yes | Total Seats: 0 | ||
| no | Total Seats: 0 | ||
| abstain | Total Seats: 500 |
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