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Bill: Financial Institutions Reform Act
Details
Submitted by[?]: People's Party of Vorona
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: November 5021
Description[?]:
In the Parliament assembled, an Act is proposed: to allow private organisation of banking services, while preserving a state-led approach to overall fiscal policies through a central bank.. |
Proposals
Article 1
Proposal[?] to change The banking system.
Old value:: The government operates large, national banks, but small community based private banks are allowed.
Current: The government operates a central bank and all other banks are private.
Proposed: The government operates a central bank and all other banks are private.
Article 2
Proposal[?] to change Central Bank oversight and regulation (if a central bank exists)
Old value:: The government appoints the head of the central bank and an executive board to manage the central bank and can interfere with its operations.
Current: The central bank is an entirely independent agency of the government.
Proposed: The central bank is an entirely independent agency of the government.
Article 3
Proposal[?] to change Policy on the charging and collection of interest on loans
Old value:: The Ministry of Finance determines the policy on charging interest on loans
Current: The government has no policy on the charging of interest on loans
Proposed: Banks and financial institutions charge interest on loans and are regulated
Article 4
Proposal[?] to change Exchange rate regime
Old value:: The exchange rate of the national currency is fixed by the government.
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, but the government is permitted to intervene when necessary.
Article 5
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: The government does not intervene in the market nor provide any form of subsidies/relief to industries.
Proposed: The government subsidizes private enterprises that face bankruptcy.
Article 6
Proposal[?] to change Reserve requirements for bank loans
Old value:: There is a full reserve requirement for bank loans.
Current: There is a fractional reserve requirement for bank loans.
Proposed: There is a fractional reserve requirement for bank loans.
Debate
These messages have been posted to debate on this bill:
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Vote | Seats | |||
yes |
Total Seats: 358 | |||
no | Total Seats: 0 | |||
abstain | Total Seats: 242 |
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