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Bill: Economic Act of 4772
Details
Submitted by[?]: The Peoples’ Communist 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: April 4773
Description[?]:
| Act ensuring the decisions of bank loans and interest be left to local governments, and eliminating monopolies in our nation. We must hand the power as close to the ordinary citizens of our country as we possibly can, and also ensuring they have mulitple low-cost options to purchase a product rather than drive themselves into debt paying an arm and a leg to the only company that will have said product. Jonathan Martin, Jr. Leader of the New Liberal Party of Luthori |
Proposals
Article 1
Proposal[?] to change Policy on the charging and collection of interest on loans
Old value:: The central bank determines the policy on charging interest on loans (if one exists)
Current: Banks and financial institutions charge interest on loans and are regulated
Proposed: Local governments decide loan interest policies
Article 2
Proposal[?] to change Reserve requirements for bank loans
Old value:: There is a fractional reserve requirement for bank loans, but small banks and credit unions are exempt.
Current: There is a fractional reserve requirement for bank loans.
Proposed: Local governments decide policies on bank loan reserve requirements.
Article 3
Proposal[?] to change Policy on monopolies (this general law is superceded by other laws relating to specific parts of the economy).
Old value:: There is no policy on monopolies, they are unregulated.
Current: Monopolies are forbidden, and are actively broken up.
Proposed: Monopolies are forbidden, and are actively broken up.
Debate
These messages have been posted to debate on this bill:
| Date | 23:55:17, June 20, 2020 CET | From | Socialist Party | To | Debating the Economic Act of 4772 |
| Message | Mr. Speaker, We partially agree with article 3 and will abstain. Peter Schmuck, SP MP. |
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Voting
| Vote | Seats | ||
| yes | Total Seats: 171 | ||
| no |
Total Seats: 184 | ||
| abstain |
Total Seats: 295 |
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