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Bill: Bill NP-121: Central Bank Administration Act
Details
Submitted by[?]: National Progress Party
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: December 4750
Description[?]:
| (This bill was proposed by the minister of Finance Amanda Barclay) The Hutorian Federal Reserve Bank should be more more accountable. By creating a clear process by which the executive board of the central bank is choosen we can ensure that the central bank is still acountable to the public without directly interfiring in it's decisions. Part 1: Nomination and removal of the director and the members of the executive board Article 1) The Hutorian Federal Reserve Bank shall have one director and eight members of the executive board. Article 2.1)The director of the Hutorian Federal Reserve Bank and the members of the executive board shall be choosen by the minister of Finance. Article 2.2) The choice of the minister of Finance shall be approve by the Prime Minister, the President and the parliament of Hutori before it come into force Article 2.3) The director and the eight ember of the executive board shall be elected for a 3 three years term that can only be renewed a maximum of one time. Article 3) The director of the Hutorian Federal Reserve Bank and the members of the executive board can be remove from office by a simple majority vote from the parliament. Part 2: Interim director and interim members of the executive board Article 4.1) If for some reason a vacancy occur in one of the nine position of the Hutorian Federal Reserve Bank, the minister of Finance shall have the right to nominate a interim at the vacant postion. Article 4.2) The interim shall be approve by both the President and the Prime Minister before it come into force. Article 5) The interim shall only last for six month and it can't be renewed. Part 3: Accountability Article 6.1: The director of the central bank shall have the responsibility to write a report to the parliament once every two month detailing the decision of the central bank. This report shall be made available to all members of parliament, Article 6.2: The report shall remain confidential and any members of parliament who share the reports to the public shall be convicted for felony. Article 3: The parliament shall have the power to remove the confidientality of the report if it deem it necessary. |
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 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.
Debate
These messages have been posted to debate on this bill:
| Date | 06:57:57, May 03, 2020 CET | From |  Liberal Party of Hutori | To | Debating the Bill NP-121: Central Bank Administration Act |
| Message | Mr. Speaker The Government may wish to revisit this Bill. Under Article 2.2 it explicitly makes reference to the "President". As the Prime Minister and this government no doubt knows there is no President in Hutori. We are currently a Constitutional Monarchy. My question subsequently Mr. Speaker is simple; is the Governmeng going to purposefully let a Bill pass that gives power to a position in the Hutorian government that doesn't exist, or is the technical power of veto going to be transferred to the Monarch? Aaron O'Connor Member of Parliament for Prosperity West Official Opposition Finance Critic |
| Date | 07:11:47, May 03, 2020 CET | From | National Progress Party | To | Debating the Bill NP-121: Central Bank Administration Act |
| Message | Mr. Speaker, it seems like the Honorable member from the opposition is right, a typo seems to have slide itself in this bill. Maybe one of our staff had a bit of Republican zeal when writting it and accidentally put the word President in the bill. I would like to apologize for that mistake. Indeed for now veto is going to be transferred to the Monarch. As soon as this bill pass, we will make another bill to correct this mistake. -Amanda Barclay Minister of Finance MP for Aylesbury North |
| Date | 14:12:39, May 03, 2020 CET | From | Democratic Party of Hutori | To | Debating the Bill NP-121: Central Bank Administration Act |
| Message | Mr.Speaker Ignoring the lack of attention from the government when creating the bill,I would simply like to point out that the Democratic Party stands firm in its belief that the Government that governs least,governs best. Therefore this is nothing more then a power grab move for the increasingly power hungry government and therefore will not gain any support from our side Hon. Micheal Fleck Leader of the Democratic Party of Hutori Member of Parliament |
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Voting
| Vote | Seats | ||
| yes |
Total Seats: 234 | ||
| no | Total Seats: 111 | ||
| abstain | Total Seats: 0 |
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