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Bill: Reauthorization of the Republican Bank
Details
Submitted by[?]: Socialist Party of Kalistan (SPoK)
Status[?]: passed
Votes: This bill is a resolution. It requires more yes votes than no votes. This bill will not pass any sooner than the deadline.
Voting deadline: February 4696
Description[?]:
| This Bill officially reauthorizes and formally amends the Charter of the Republican Bank. The text of the original act is located at http://classic.particracy.net/viewbill.php?billid=571995 and is printed below, along with some slight modifications as noted in brackets. When this bill ratified by the National Assembly, it shall supersede any prior law to this effect. A Charter for the Republican Bank of Kalistan Article 1: A Republican Bank shall be created. Upon passage of this Charter, all large banks of national scope will be immediately Nationalized and dissolved, and all assets will be liquidated to be distributed to depositors, shareholders and bond holders, in that order. All individual Deposits not covered from the liquidation process will be reimbursed by the Republican Treasury. Small Banks, with a capitalization of less than 10 Million KRB, (member owned) Credit Unions [amended 4695], and private investment banks will not be nationalized or liquidated. Any excess produced by liquidation, after interested parties are repaid their investment without interest, will be transferred to the Republican National Bank as nationalized Assets. Article 2: The Republican Bank shall receive an initial capitalization of 1 Billion KRB, in the form of securities. Of this amount, 51 percent will be purchased outright by the Kalistani Government from the Republic's sizeable monetary reserves, while 49 percent will be put up for auction for private investors. Foreign Investors may purchase stock in the Republican Bank, but may not vote. In the event that stocks are still at large, the Kalistani Government will purchase those shares and will be permitted to sell them on a first come-first serve basis. Additional rounds of capitalization are permitted at a future date, but the Kalistani National Government is never permitted to lose its majority interest in the bank, through stock sales, transference or sell-offs. Each share will be entitled to a small annual dividend, paid as interest, and set by the Board of Governors to not exceed 2%. Article 3: The Kalistani National Bank shall be governed by an 11 person Board of Governors, who shall be elected 2 from each District in the Republic by a vote of all Kalistani nationals who own shares or have deposits in the Republican Bank. The 11th Member will be the Minister of Finance, who will serve ex officio on the Board, and will be the Presiding Officer of the Bank, and will only vote to break ties of other Board members. The Board of Governors will be exclusive responsible for the responsible and conservative operations of the Republican Bank, and shall be charged to hire staff to run the system effectively. Article 4: The Functions of the Bank shall be listed as follows: a) To serve as the depository of all revenues of the United Republic of Kalistan. b) To serve as the single payor of all Public obligations of the United Republic of Kalistan c) To issue and back all currency used for public and private debts in the United Republic of Kalistan d) To serve as guarantor for all public bonds and treasury notes floated by the government of the United Republic of Kalistan e) To encourage zero percent GDP growth in the economy of the United Republic of Kalistan, (through monetary policy, though GDP growth may be permitted to float within +/- .25% (one quarter of a percent) over a given quarter. [amended 4695]) f) To set all interest rates in Kalistan, ensuring that private citizens of Kalistan receive the most beneficial rates, that Kalistani businesses pay standard interest rates, and foreign interests pay high interest rates g) To cover all temporary (less than 1 year) deficits in the Republican Budget h) To invest all surpluses in the Republican Budget according to the following formula: 85% in a rainy day fund, 15% in profit generating investments both at home and abroad i) To issue fiat currency and ensure that the (actual market traded) value of this currency does not significantly deviate from the face value of this currency (by more than +/- .25% or a quarter of a percent, over a given quarter [Amended 4695]) j) To fully fund all public sector operations, including the National Service Program and the Republican Food Bank from Public revenues, as well as any infrastructure improvement or other economic development passed by the (National Assembly [Amended 4695]) k) To serve as the primary depository of moneys for private saving and drafting, as well as the issuer of bank cards that allow deposited money to be moved freely about the Republic and abroad, safely and surely. Article 5: The Republican Bank must keep 85% of total deposits available for withdrawal at any point. Of the remaining 15%, the Republican Bank, under direction of the Board of Governors, may invest 10% in the Kalistani Private Sector, and 5% abroad. The Republican Bank may never speculate on foreign currency or invest in fascist countries. The Republican Bank may never invest in securities that are deemed "Moderate" to "Extreme" Risk, nor may they speculate on currencies which produce greater than 5% ROI in a given year. If that ROI is realized (or exceeded [Amended 4695]), the Bank must divest immediately upon learning that 5% earnings will be generated. Article 6: The Republican Bank must conduct an audit of its accounts, to include information about total revenues and outlays, as well as detailed information about all investments, once every other year, and publish this audit in public. Additionally, it will supply a copy of this audit to the Finance Minister who will enter it into public record. Article 7: This Act will be enacted upon receiving an affirmative vote from a majority of the seats in the (National Assembly [Amended 4695]). The (National Assembly [Amended 4695]) shall enact all laws necessary and proper to the correct operation of this Charter. Article 8: This Act may be amended by a 2/3rds affirmative vote of the (National Assembly [Amended 4695]). The full; amended Charter must be included in the description of Amendment Act. |
Proposals
Debate
These messages have been posted to debate on this bill:
| Date | 03:46:32, January 14, 2020 CET | From | Socialist Party of Kalistan (SPoK) | To | Debating the Reauthorization of the Republican Bank |
| Message | We will leave this act open for discussion, for a short time. |
| Date | 23:35:54, January 14, 2020 CET | From | National Conservative Party | To | Debating the Reauthorization of the Republican Bank |
| Message | The only qualm held by the NCP is in the language of article 5, specifically with regards to the RNB's prohibition from investing in "fascist countries." Seeing as this would still allow for the investment in communist and monarchist regimes, tin-pot dictatorships, and other oppressive governments. Seeing as the bill is already up for debate and the objection is minor, the NCP will offer its endorsement and possibly push for changes in the future. |
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Voting
| Vote | Seats | |||
| yes |
Total Seats: 750 | |||
| no | Total Seats: 0 | |||
| abstain | Total Seats: 0 |
| Random fact: Particracy does not allow real-life fictional references (eg. Gandalf, Harry Potter, Luke Skywalker). |
| Random quote: "Someone who wields power in name only can never compete with those who wield it through action." - Franz Reichert, former Luthorian politician |