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Bill: Central Bank Oversight and Financial Reforms Act (BOFRA)
Details
Submitted by[?]: Conservative Renew
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 4744
Description[?]:
| The Central Bank Oversight and Financial Reforms Act (BOFRA) will make several reforms to our economy to help unleash it for represented success |
Proposals
Article 1
Proposal[?] to change Central Bank oversight and regulation (if a central bank exists)
Old value:: The central bank is an entirely independent agency of the government.
Current: The central bank is an entirely independent agency of the government.
Proposed: The central bank is underneath the direct oversight of the Ministry of Finance.
Article 2
Proposal[?] to change Government policy on cryptocurrency.
Old value:: Cryptocurrency is legal and regulated, select private institutions can issue cryptocurrency.
Current: Cryptocurrency is legal and regulated, select private institutions can issue cryptocurrency.
Proposed: Cryptocurrency is illegal.
Article 3
Proposal[?] to change Exchange rate regime
Old value:: The exchange rate of the national currency is allowed to float, but the government is permitted to intervene when necessary.
Current: The exchange rate of the national currency is allowed to float, but the government is permitted to intervene when necessary.
Proposed: The exchange rate of the national currency is allowed to float, and the government does not intervene at all.
Article 4
Proposal[?] to change Policy on employee representation on corporate boards
Old value:: One third of corporate boards must consist of employees
Current: One third of corporate boards must consist of employees
Proposed: No employee representation is required on corporate boards
Article 5
Proposal[?] to change The government's stance on a salary cap.
Old value:: Labour unions and organizations of employers negotiate a salary cap.
Current: Labour unions and organizations of employers negotiate a salary cap.
Proposed: The government has no stance on a salary cap.
Article 6
Proposal[?] to change Government policy on industry and subsidies to industrial operations.
Old value:: Certain industries are owned by the state, all others are under private ownership.
Current: Certain industries are owned by the state, all others are under private ownership.
Proposed: The government subsidizes private enterprises that face bankruptcy.
Article 7
Proposal[?] to change Government policy on Democratic Workers' Councils.
Old value:: The government encourages the formation of Democratic Workers' Councils through subsidies and tax exemptions.
Current: The government does not intervene in the marketplace with regards to Democratic Workers' Councils.
Proposed: The government does not intervene in the marketplace with regards to Democratic Workers' Councils.
Debate
These messages have been posted to debate on this bill:
| Date | 04:41:12, April 18, 2020 CET | From | Conservative Renew | To | Debating the Central Bank Oversight and Financial Reforms Act (BOFRA) |
| Message | My Fellow Peers, Today I am proud to introduce BOFRA to the floor of this House. This bill will be one part in a series of bills that will seek to make proactive changes to the nations economy. Each and ever part of BOFRA is a work to allow free enterprise and capitalism back into our nation. We hope these changes will have a positive economic impact nd improve the lives of the average citizen. An important part of this act is the return to oversight of the national bank something that has been lacking for decades. Furthermore, is the return of many industries back to the hands of the people and the economy and away from the sloppy hands of government. Landon Granderson Leader of the House Social Conservative Party |
| Date | 08:04:33, April 18, 2020 CET | From | Hosian Front | To | Debating the Central Bank Oversight and Financial Reforms Act (BOFRA) |
| Message | My Fellow Peers, First of all, I would like to say that I am honored with the opportunity to be part of these proceedings. Truly the work we shall be doing over the course of the next several years shall be God's work, as we endeavor to put our nation on the right track. By and large, we find much to appreciate in this first proposed act, particularly Articles 3-7, as they simply allow for more freedom in the national market. However, we would like to voice some concerns with Articles 1 and 2. We here at the Hosian Front recognize the need for a central bank, no matter how much we may generally oppose the principle - but if there is to be one, we would much prefer that any given elected administration have little to no role in its functioning, and thus politicize it's existence. As for Article 2, we simply believe this to be a needless intervention in the free market: if the people wish to put their faith in a novelty like cryptocurrency, the state should not stand in their way. Felix Antoni Morales Hosian Front MP |
| Date | 08:15:13, April 18, 2020 CET | From | Conservative Renew | To | Debating the Central Bank Oversight and Financial Reforms Act (BOFRA) |
| Message | My Fellow Peers, I take note of the members concerns. I would also like to thank Peer Morales for choosing to sit in this House as having the leader of a major political party choose to sit in this house over taking a seat as a MP does certainly add to the prestige of this place. To his concerns I would suggest that all government entities have a political tinge to them though we do not like to admit it. Having the minister of Finance in charge will ensure government policy is followed in line with the peoples will as well as give a face to the bank instead of unelected bureaucrats. As for the cryptocurrency, we have found that I has leaded itself to easily to corruption and manipulation which have resulted in a lack of capitalism and competition in some situations. Alfonso Knowles SCP Minority Peer |
| Date | 08:30:58, April 18, 2020 CET | From | Hosian Front | To | Debating the Central Bank Oversight and Financial Reforms Act (BOFRA) |
| Message | My Fellow Peers, We will begrudgingly grant Peer Knowles point on the nature of any given central bank being inherently political. While my fellow peers in the Hosian Front, as well as myself, will continue to grumble over the issue of cryptocurrency, it most certainly does not amount to a poison pill in a bill so filled to the brim with good ideas. We would be more than willing to send this forward for a vote by the MP's. Raul Mendez HF Presidential Peer |
| Date | 00:23:38, April 19, 2020 CET | From | Libertarian Socialist Party (LSP/PSL) | To | Debating the Central Bank Oversight and Financial Reforms Act (BOFRA) |
| Message | The SPP peers will vote against this, as this takes away power from workers, subsidizes failing industries which will lead to an inefficient economy, and bans crypto currency, which is a violation of freedom. Adolfo Suarez SPP Federal Peer |
| Date | 03:10:53, April 19, 2020 CET | From | Conservative Renew | To | Debating the Central Bank Oversight and Financial Reforms Act (BOFRA) |
| Message | Presiding Officer, I would like to place this motion to a vote Landon Granderson Leader of the House Social Conservative Party |
| Date | 03:13:46, April 19, 2020 CET | From | Conservative Renew | To | Debating the Central Bank Oversight and Financial Reforms Act (BOFRA) |
| Message | House of Peers SCP Vote: YES- 876 NO- 23 ABSTAIN/ABSENT- 11 |
| Date | 03:22:01, April 19, 2020 CET | From | Libertarian Socialist Party (LSP/PSL) | To | Debating the Central Bank Oversight and Financial Reforms Act (BOFRA) |
| Message | House of Peers SPP vote Yes:0 No:659 Abstain:1 |
| Date | 07:38:18, April 19, 2020 CET | From | Hosian Front | To | Debating the Central Bank Oversight and Financial Reforms Act (BOFRA) |
| Message | House of Peers HF Vote: YES - 7 NO - 0 ABSTAIN - 3 |
| Date | 09:17:12, April 19, 2020 CET | From | Conservative Renew | To | Debating the Central Bank Oversight and Financial Reforms Act (BOFRA) |
| Message | Members of this esteemed body, The result of the vote is as follows, The Ayes 883 The Nays 682 With 15 Peers not voting With this result I do declare that a sufficient number of votes has been achieved by the affirmative. The Ayes have it, the Ayes have it. This bill can now proceed to parliament with the Peers support. Manfredo Tolo Minister of Internal Affairs Presiding Officer of the House of Peers |
| Date | 09:23:17, April 19, 2020 CET | From | Conservative Renew | To | Debating the Central Bank Oversight and Financial Reforms Act (BOFRA) |
| Message | Mr. Speaker, I would like to move this bill to the floor as presented from the House of Peers without amendment. I would like to move it to final stages of debate up until the final vote. I hope we will see a positive vote and we can begin to truly expand the economy and place our nation on a track for a economic boom. Jose Ramirez Prime Minister |
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Voting
| Vote | Seats | ||
| yes |
Total Seats: 136 | ||
| no | Total Seats: 119 | ||
| abstain | Total Seats: 0 |
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