End
Owner
Owner
Representative
Construction & Transport Department
Education Department
Interior Department
Redmont Bar Assoc.
Supporter
Willow Resident
xEndeavour
constructor
- Joined
- Apr 7, 2020
- Messages
- 2,121
- Thread Author
- #1
House Vote: 7-0-1
Senate Vote: 3-0-1
A
BILL
TO
Reorganise FINFA into a transparent and accountable Commonwealth Reserve Bank (CRB)
The people of Redmont, through their elected Representatives in the Congress and the force of law ordained to that Congress by the people through the constitution, do hereby enact the following provisions into law:
1 - Short Title and Enactment
(1) This Act may be cited as the “Commonwealth Reserve Act.”
(2) This Act shall be enacted immediately upon its signage.
(3) Authored by Rep. xEndeavour
(4) Co-Sponsored by Rep. Vernicia and Sen. Derpy_Bird
(5) Supported by outgoing DEC Secretary Trentrick_lamar, DEC Secretary Wetc, and a majority of FINFA.
2 - Reasons
(1) Such a suite of powers should be under a Commonwealth Reserve, not an agency whose name no one knows what it stands for. FINFA holds significant monetary powers within the Commonwealth, as such it should be appropriately named as a national monetary institution.
(2) FINFA’s powers should have greater accountability and transparency measures placed on it.
(3) FINFA should be an independent third-party government institution.
(4) The institution is convoluted and complex, simplification is required.
(5) There are acronyms which are not clear or defined throughout the bills.
(6) There needs to be a level of accountability to the executive with the large scale monetary decisions that FINFA is able to make. The President’s veto should be appealable to the Senate however.
(7) The DEC Secretary should not be able to chair and vote in FINFA.
(8) The writer of this bill has confided in FINFA members that there are loopholes within the original bill.
3 - Consolidation
(1) The following Acts of Congress will be rescinded:
(a) Jekyll Island Act.
(2) The following Acts of Congress will be rescinded after such time that the Commonwealth Reserve Bank announces that it has policy to supersede the below Acts of Congress:
(a) Federal Deposit Insurance Program Act
(b) Free the People Act
5 - Duty Statement
(1) It is the duty of the Commonwealth Reserve Bank, within the limits of its powers, to ensure that the monetary and banking policy of the Commonwealth Reserve Bank is directed to the greatest advantage of the people of Redmont and that the powers of the Bank under this Act - and any other Act - are exercised in such a manner as, in the opinion of the Commonwealth Reserve Bank, will best contribute towards:
(a) the stability of the currency of Redmont;
(b) the growth of employment in Redmont; and
(c) the economic prosperity and welfare of the people of Redmont.
(d) the secure exchange of assets and securities domestically and internationally.
6 - The Commonwealth Reserve Bank (CRB)
(1) The Commonwealth Reserve Bank is an independent and self-governing Government institution.
(a) The Commonwealth Reserve Bank, through its board, will establish its own constitution for its internal governance and structure.
(2) The Commonwealth Reserve Bank is an entity within itself and is capable of acquiring, holding and disposing of real and personal property and of suing and being sued.
7 - The Commonwealth Reserve Bank Board (Reserve Board)
(1) The Commonwealth Reserve Bank is Governed by the Commonwealth Reserve Bank Board.
(2)The Commonwealth Reserve Bank Board consists of one Governor, one ex officio member, and six voting members.
(a) The ex officio member of the Board will be the sitting Secretary of Commerce, or an appointed delegate, who will serve a term in full without voting powers.
(b) Members of the Commonwealth Reserve Bank Board will serve a 4-month terms.
(c) There are no limitations on the number of terms that a board member can serve.
(3) The Commonwealth Reserve Bank Board has the power to establish monetary and banking policies in accordance with the duty statement of the Commonwealth Reserve Bank and the Commonwealth Reserve Bank constitution.
(4) The board will also have the ability to establish bylaws for internal governance.
(5) All voting members of the Commonwealth Reserve Bank Board may be removed through a process determined by the Commonwealth Reserve Bank Constitution or through impeachment.
(6) The Commonwealth Reserve Bank Board will be accountable to the Government and to the Commonwealth Reserve Bank Commercial Board.
9 - The Governor
(1) The President will appoint a Governor of the Commonwealth Reserve Bank, who is confirmed by the Senate, for a period of 4 months.
(a) The Governor will act as the spokesperson for the Commonwealth Reserve Bank.
(b) The Governor will be responsible for communication between the Commonwealth Reserve Bank and Government.
(c) The Governor will enjoy the same powers as any other member of the Board.
(d) The Governor will be entitled to an in-game role and Discord role: ‘Reserve Governor’
(2) The Governor of the Commonwealth Reserve Bank Board may be removed through a process determined by the Commonwealth Reserve Bank Constitution or through impeachment.
7 - The Commonwealth Reserve Commercial Board (Commercial Board)
(1) The Commonwealth Reserve Bank Commercial Board will comprise representatives of registered financial institutions operating in the Commonwealth of Redmont.
(a) Unless otherwise provided by the Commonwealth Reserve Bank’s constitution, eligibility to join the Commercial Board will be registration as a financial institution through the Department of Education and Commerce.
(2) All powers of the Commonwealth Reserve Bank not specifically reserved for the Commonwealth Reserve Bank Board will remain with the collective body of all its members.
10 - Vested Powers
(1) The following powers are solely entrusted to the Commonwealth Reserve Bank:
(a) Determining Redmont’s Monetary Policy.
(b) Minting, introducing, and distributing currency.
(d) Determining Government interest rates for government loans, bonds, and other Government guaranteed securities.
(e) Determining the starting balance of new players.
(f) Determining the reward rate for server voting.
(g) Determining universal contract structures for securities.
(h) Determining universal formats for securities.
(i) Determining Government wage bracket values.
(j) Strategically acquiring, holding, and disposing of property, items, and or commodities.
(k) Determining the reserve ratio for deposit taking institutions.
(l) Determining resource requirements for major government events
(i) I.e. Waging war will cost the Government 64 Iron Blocks per day.
11 - Transparency
(1) The Commonwealth Reserve Bank Governor will be required to publish in #government-announcements any significant changes to monetary policy.
(2) The Commonwealth Reserve Bank Governor will be required to publish in the Commonwealth Reserve Bank discord any non-significant changes to monetary policy and or internal policy changes.
(3) The ex officio member of the board must not be excluded from any board discussions or communication channels.
(4) The Commerce Secretary will mint funds at the direction of the Commonwealth Reserve Bank. The Commonwealth Reserve Bank will not have access to this command.
(5) The Commerce Secretary cannot serve as the Governor of the Commonwealth Reserve Bank.
12 - Oversight
(1) The President must give written approval for any of the following monetary policy changes to be enacted:
(a) Minting, introducing, and distributing currency amounts exceeding a total of $200,000 in any given month.
(b) Determining the starting balance of new players.
(c) Determining the reward rate for server voting.
(d) Determining Government wage bracket values.
(e) Strategically acquiring, holding, and disposing of property, items, and or commodities.
(2) The Governor may petition the Senate to pass the policy change without presidential approval.
(a) The Senate, upon petition, must vote on the matter with a supermajority required to pass.
13 - Constitution
(1) The Commonwealth Reserve Bank will establish a constitution to determine its internal governance.
(2) Changes to the constitution will need to be approved by the Reserve Board in a two-thirds majority vote.
(3) Failure to follow this constitution by its members is to be dealt with warnings, and in severe cases removal from the Board either internally or through impeachment.
14 - Transition
(1) All voting members of FINFA will become the inaugural members of the Commonwealth Reserve Bank Board for a period of no more than 4 months.
15 - Definitions
(1) Significant changes to monetary policy:
Conducting the following during any given month:
(a) Minting or destroying an amount of currency or assets equal to or more than $750,000
(b) Increasing or decreasing the reserve ratio by more than 5%
(c) Any change to wage brackets, rewards for voting, or the starting balance
Senate Vote: 3-0-1
A
BILL
TO
Reorganise FINFA into a transparent and accountable Commonwealth Reserve Bank (CRB)
The people of Redmont, through their elected Representatives in the Congress and the force of law ordained to that Congress by the people through the constitution, do hereby enact the following provisions into law:
1 - Short Title and Enactment
(1) This Act may be cited as the “Commonwealth Reserve Act.”
(2) This Act shall be enacted immediately upon its signage.
(3) Authored by Rep. xEndeavour
(4) Co-Sponsored by Rep. Vernicia and Sen. Derpy_Bird
(5) Supported by outgoing DEC Secretary Trentrick_lamar, DEC Secretary Wetc, and a majority of FINFA.
2 - Reasons
(1) Such a suite of powers should be under a Commonwealth Reserve, not an agency whose name no one knows what it stands for. FINFA holds significant monetary powers within the Commonwealth, as such it should be appropriately named as a national monetary institution.
(2) FINFA’s powers should have greater accountability and transparency measures placed on it.
(3) FINFA should be an independent third-party government institution.
(4) The institution is convoluted and complex, simplification is required.
(5) There are acronyms which are not clear or defined throughout the bills.
(6) There needs to be a level of accountability to the executive with the large scale monetary decisions that FINFA is able to make. The President’s veto should be appealable to the Senate however.
(7) The DEC Secretary should not be able to chair and vote in FINFA.
(8) The writer of this bill has confided in FINFA members that there are loopholes within the original bill.
3 - Consolidation
(1) The following Acts of Congress will be rescinded:
(a) Jekyll Island Act.
(2) The following Acts of Congress will be rescinded after such time that the Commonwealth Reserve Bank announces that it has policy to supersede the below Acts of Congress:
(a) Federal Deposit Insurance Program Act
(b) Free the People Act
5 - Duty Statement
(1) It is the duty of the Commonwealth Reserve Bank, within the limits of its powers, to ensure that the monetary and banking policy of the Commonwealth Reserve Bank is directed to the greatest advantage of the people of Redmont and that the powers of the Bank under this Act - and any other Act - are exercised in such a manner as, in the opinion of the Commonwealth Reserve Bank, will best contribute towards:
(a) the stability of the currency of Redmont;
(b) the growth of employment in Redmont; and
(c) the economic prosperity and welfare of the people of Redmont.
(d) the secure exchange of assets and securities domestically and internationally.
6 - The Commonwealth Reserve Bank (CRB)
(1) The Commonwealth Reserve Bank is an independent and self-governing Government institution.
(a) The Commonwealth Reserve Bank, through its board, will establish its own constitution for its internal governance and structure.
(2) The Commonwealth Reserve Bank is an entity within itself and is capable of acquiring, holding and disposing of real and personal property and of suing and being sued.
7 - The Commonwealth Reserve Bank Board (Reserve Board)
(1) The Commonwealth Reserve Bank is Governed by the Commonwealth Reserve Bank Board.
(2)The Commonwealth Reserve Bank Board consists of one Governor, one ex officio member, and six voting members.
(a) The ex officio member of the Board will be the sitting Secretary of Commerce, or an appointed delegate, who will serve a term in full without voting powers.
(b) Members of the Commonwealth Reserve Bank Board will serve a 4-month terms.
(c) There are no limitations on the number of terms that a board member can serve.
(3) The Commonwealth Reserve Bank Board has the power to establish monetary and banking policies in accordance with the duty statement of the Commonwealth Reserve Bank and the Commonwealth Reserve Bank constitution.
(4) The board will also have the ability to establish bylaws for internal governance.
(5) All voting members of the Commonwealth Reserve Bank Board may be removed through a process determined by the Commonwealth Reserve Bank Constitution or through impeachment.
(6) The Commonwealth Reserve Bank Board will be accountable to the Government and to the Commonwealth Reserve Bank Commercial Board.
9 - The Governor
(1) The President will appoint a Governor of the Commonwealth Reserve Bank, who is confirmed by the Senate, for a period of 4 months.
(a) The Governor will act as the spokesperson for the Commonwealth Reserve Bank.
(b) The Governor will be responsible for communication between the Commonwealth Reserve Bank and Government.
(c) The Governor will enjoy the same powers as any other member of the Board.
(d) The Governor will be entitled to an in-game role and Discord role: ‘Reserve Governor’
(2) The Governor of the Commonwealth Reserve Bank Board may be removed through a process determined by the Commonwealth Reserve Bank Constitution or through impeachment.
7 - The Commonwealth Reserve Commercial Board (Commercial Board)
(1) The Commonwealth Reserve Bank Commercial Board will comprise representatives of registered financial institutions operating in the Commonwealth of Redmont.
(a) Unless otherwise provided by the Commonwealth Reserve Bank’s constitution, eligibility to join the Commercial Board will be registration as a financial institution through the Department of Education and Commerce.
(2) All powers of the Commonwealth Reserve Bank not specifically reserved for the Commonwealth Reserve Bank Board will remain with the collective body of all its members.
10 - Vested Powers
(1) The following powers are solely entrusted to the Commonwealth Reserve Bank:
(a) Determining Redmont’s Monetary Policy.
(b) Minting, introducing, and distributing currency.
(d) Determining Government interest rates for government loans, bonds, and other Government guaranteed securities.
(e) Determining the starting balance of new players.
(f) Determining the reward rate for server voting.
(g) Determining universal contract structures for securities.
(h) Determining universal formats for securities.
(i) Determining Government wage bracket values.
(j) Strategically acquiring, holding, and disposing of property, items, and or commodities.
(k) Determining the reserve ratio for deposit taking institutions.
(l) Determining resource requirements for major government events
(i) I.e. Waging war will cost the Government 64 Iron Blocks per day.
11 - Transparency
(1) The Commonwealth Reserve Bank Governor will be required to publish in #government-announcements any significant changes to monetary policy.
(2) The Commonwealth Reserve Bank Governor will be required to publish in the Commonwealth Reserve Bank discord any non-significant changes to monetary policy and or internal policy changes.
(3) The ex officio member of the board must not be excluded from any board discussions or communication channels.
(4) The Commerce Secretary will mint funds at the direction of the Commonwealth Reserve Bank. The Commonwealth Reserve Bank will not have access to this command.
(5) The Commerce Secretary cannot serve as the Governor of the Commonwealth Reserve Bank.
12 - Oversight
(1) The President must give written approval for any of the following monetary policy changes to be enacted:
(a) Minting, introducing, and distributing currency amounts exceeding a total of $200,000 in any given month.
(b) Determining the starting balance of new players.
(c) Determining the reward rate for server voting.
(d) Determining Government wage bracket values.
(e) Strategically acquiring, holding, and disposing of property, items, and or commodities.
(2) The Governor may petition the Senate to pass the policy change without presidential approval.
(a) The Senate, upon petition, must vote on the matter with a supermajority required to pass.
13 - Constitution
(1) The Commonwealth Reserve Bank will establish a constitution to determine its internal governance.
(2) Changes to the constitution will need to be approved by the Reserve Board in a two-thirds majority vote.
(3) Failure to follow this constitution by its members is to be dealt with warnings, and in severe cases removal from the Board either internally or through impeachment.
14 - Transition
(1) All voting members of FINFA will become the inaugural members of the Commonwealth Reserve Bank Board for a period of no more than 4 months.
15 - Definitions
(1) Significant changes to monetary policy:
Conducting the following during any given month:
(a) Minting or destroying an amount of currency or assets equal to or more than $750,000
(b) Increasing or decreasing the reserve ratio by more than 5%
(c) Any change to wage brackets, rewards for voting, or the starting balance
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