Rescinded Commonwealth Reserve Bank Establishment Act

kitje_katje_nl

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Kitje_Katje_NL
Kitje_Katje_NL
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A
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TO

Reorganize FINFA into the 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 Bank Establishment Act.”
(2) This Act shall be enacted immediately upon its signage.
(3) Authored by Hon. xeu100, Revised by the Board of Governors, and Endorsed by FINFA
(4) This bill is proposed by Kitje_Katje_Nl
(5) this bill is cosponered by Vernicia

2 - Reasons
(1) That alternative proposals for the current implementation of FINFA do not meet the satisfaction of Governors.
(2) That FINFA’s expansive economic powers should be consolidated under a recognizable institution that is accessible, transparent, and accountable to the people.
(3) That the independence of an institution that decides long-term economic policy should be maintained throughout political shifts to safeguard the economy.
(4) That the order of FINFA’s power structure is vague and should be specified for increased operational efficiency.
(5) It is recognized by the FINFA Board of Governors that the proposals voted upon in Congress are insufficient in meeting the needs of the economy and combating deflation.

3 - Definitions
(1) The Commonwealth Reserve Bank, which may be referred to as the CRB or the Reserve, shall be the autonomous governing institution of all listed bodies below and shall keep a record of the usage of all aforementioned powers.
(a) The Commonwealth Reserve Bank’s Constitution, which will establish the internal structures and procedures of the Reserve that are not otherwise provided for by this act, henceforth referred to as the Reserve’s Constitution, must be established within the first Presidential term of this legislation comes into effect by the Board of Governors and Members of the Reserve.
(b) The Commonwealth Reserve Bank’s Constitution will be viewable by all members of the public.
(2) The Board of Governors shall consist of Governors, a number of which shall be at least 5 but otherwise determined by procedures in the Reserve’s Constitution. Two seats of the Board of Governors shall be reserved for Presidential appointment and Senate confirmation at the beginning of each term. The remaining seats may be elected by guidelines specified in the Reserve’s Constitution but those elections may not coincide with that of the Presidential election.
(a) Any Governor may be impeached by standards laid out in the Redmont Constitution.
(b) Any Governor may be removed by standards laid out in the Reserve’s Constitution.
(c) The Board of Governors may elect a Chairman, who shall preside over votes for both the Board of Governors and the Members of the Reserve. If a motion or proposal is seconded, the Chairman must put the motion or proposal to a vote. The Chairman may be replaced by the Board of Governors.
(d) The Board of Governors may elect a Chairman Pro-Tempore. The Chairman Pro-Tempore shall act as the Chairman in the absence or otherwise incapacitation of the Chairman.
(3) The Members of the Reserve shall consist of representatives from all eligible financial institutions, eligibility will be as defined in the Reserve’s Constitution, and shall hold all powers not enumerated in the Reserve’s Constitution for the Board of Governors.
(a) As this position is based on eligibility and does not carry any power outside of votes set forth in an agenda, a representative may not be impeached under the Redmont Constitution.
(b) Any Member may be removed by standards laid out in the Reserve’s Constitution.
(c) Upon the passage and presidential approval of this act, the initial Members of the Reserve will be composed of all current members of FINFA and the initial Board of Governors will be composed of all current board members of FINFA.
(d) Members not directly representing a financial institution, but who have other experience in the financial industry, may be granted Reserve membership through a process laid out in the Reserve’s Constitution.

4 - Consolidation
(1) The Jekyll Island Act will be immediately rescinded.
(2) The following Acts of Congress shall be rescinded by a vote of the aforementioned Board of Governors, at such a time they are replaced by the Reserve’s policies.
(a) Federal Deposit Insurance Program Act
(b) Free the People Act

5 - Goals of the Commonwealth Reserve Bank
(1) The Reserve must work for positive economic growth attained through policy making and the prevention of deflation in a manner that may harm the economic standing of Redmont.
(2) The Reserve must work for positive growth of employment and must maintain the quality of living of Redmont’s citizens.
(3) The Reserve must work to guarantee the legitimacy of assets and their investor’s rights to said assets.
(4) That by any act that changes these goals or the powers of the Reserve, the Reserve must grow to meet the new expectations of the people.

6 - Powers of the Reserve
(1) The Reserve may conduct any of the following activities:
(a) Determining monetary policy, which may include but is not limited to the creation, destruction, distribution, or holding of currency.
(b) Issuing, guaranteeing, and determining the interest rate of government loans, bonds, or other securities.
(c) Determining the starting balance of players and the reward for voting.
(d) Determining the standards for which securities are created, contracted, traded, and fulfilled.
(e) Determining the wage brackets of Government employees.
(f) Holding, spending, borrowing, or disposing of any assets, such as but not limited to property, securities, commodities, or items.
(g) Determining the reserve ratio for commercial and consumer institutions.

7 - Transparency
(1) The Chairman of the Reserve shall post in #government-announcements if there are any significant changes in policy such as the starting balance, voting reward, or government wage bracket. It may also include anything mandated in the Reserve’s constitution.
(2) The Chairman of the Reserve shall post a weekly update of any votes on motions or proposals by either the Members of the Reserve or the Board of Governors. This will be publicly viewable in the Reserve’s discord.
(a) In the event that there are no votes in that week, no update is mandatory.
(b) In the event that the Board of Governors votes upon a motion or proposal with sensitive material, that motion may be omitted from the report after the Commerce Secretary is notified.
(3) The Commerce Secretary will mint funds at the direction of the Reserve. The Reserve will not have access to this command.
(4) The Commerce Secretary cannot serve as the Chairman of the Reserve.
(5) That upon request by the Commerce Secretary or the Executive Oversight Committee, the Governors of the Reserve shall produce a formal report of progress towards meeting the aforementioned goals in a reasonable period of time.

8 - Oversight
(1) The President may veto any of the following policy changes:
(a) The starting balance of players or the reward for voting.
(b) The wage brackets of Government employees.
(2) The Board of Governors may seek an appeal with the Senate. If the Senate votes in a majority, the President’s veto may be overturned.
 
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