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Bill: Economic Liberalization Act
Details
Submitted by[?]: Green Liberal Party of Kalistan
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 4951
Description[?]:
The Green Liberal Party seeks to allow the Kalistani ruble's exchange rate to freely float on the market, with the Republican Bank instead controlling monetary policy via open market operations that grant banks liquidity through repurchasing agreements involving the exchange of government securities for currency. Such a policy allows for the currency and for the economy to more readily adapt to economic shocks as investors can rapidly fluctuate their demand for the currency based on the country's economic prospects. In addition, this Bill seeks to promote investment and spending in order to stimulate Kalistan's stagnant economy via two measures: eliminating restrictions on foreign investment and allowing for banks to only hold a fraction of their liabilities in reserve. This Bill shall allow foreign investors to control a majority of the shares of Kalistani corporations if bought, thereby encouraging foreign investment in Kalistan's economy that can generate employment and therefore economic growth via increased aggregate demand. In addition, the Republican Bank shall be tasked with setting a fractional reserve requirement for banks in Kalistan, being able to fluctuate the requirements up or down in order to control interest rates and the amount of liquidity in Kalistan's economy. Moving away from a full reserve requirement to a fractional reserve requirement shall allow for increased lending in Kalistan's economy, therefore contributing to economic growth and increased private-sector employment. |
Proposals
Article 1
Proposal[?] to change Reserve requirements for bank loans
Old value:: There is a full reserve requirement for bank loans.
Current: There is a full reserve requirement for bank loans, but small banks and credit unions are exempt.
Proposed: There is a fractional reserve requirement for bank loans.
Article 2
Proposal[?] to change
The government's policy regarding foreign investments.
Old value:: Foreign investors may invest in national companies, but may not get a majority share.
Current: Foreign investors are not allowed to invest in national companies.
Proposed: Foreign investors may freely invest in national companies.
Article 3
Proposal[?] to change Exchange rate regime
Old value:: The exchange rate of the national currency is kept within a defined band of fluctuation.
Current: The exchange rate of the national currency is kept within a defined band of fluctuation.
Proposed: The exchange rate of the national currency is allowed to float, and the government does not intervene at all.
Debate
These messages have been posted to debate on this bill:
Date | 23:22:12, June 11, 2021 CET | From | Coalition of Workers | To | Debating the Economic Liberalization Act |
Message | We cannot support article 2 |
Date | 02:10:59, June 12, 2021 CET | From | Socialist Party of Kalistan (SPoK) | To | Debating the Economic Liberalization Act |
Message | This bill is pure economic liberalism. We will oppose. |
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Voting
Vote | Seats | ||
yes | Total Seats: 0 | ||
no | Total Seats: 250 | ||
abstain | Total Seats: 0 |
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