Bill: Pending Federal Reserve Voting Symmetry Act

[Stanley582]

CONGRESS OF THE
COMMONWEALTH OF REDMONT
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A BILL TO

AMEND THE FEDERAL RESERVE ACT TO REFORM THE VOTE REQUIREMENTS FOR ADDING POWERS OF AUTHORITY




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The people of the Commonwealth 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:


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PART I — PRELIMINARIES

1. Short Title and Enactment

(1) This Act may be cited as the 'Federal Reserve Voting Symmetry Act.'

(2) This Act shall be enacted immediately upon its signage.

(3) This Act has been authored by Sen Incarnation__.

(4) This Act has been sponsored by Rep Stanley582.

(5) This Act has been co-sponsored by Sen Incarnation__.

(6) This Act amends the following acts:

(a) Federal Reserve Act

2. Reasons and Intent

(1) To restore symmetry to the voting requirements.

PART II — AMENDMENTS

3. Amendments

(1) Section 9(4)(b) of the Federal Reserve Act shall be amended from:

9 - Vote Requirements

(1) A policy, Gubernatorial Order or Board motion shall be able to be vetoed with a supermajority vote in both chambers of Congress.

(2) A policy, Gubernatorial Order or Board motion may be suspended for up to 72 hours once with a supermajority vote in one chamber of Congress.

(3) Repeals shall be seen as amendments in this Act

(4) Vote requirements in both chambers of Congress:

(b) Amendments to restrict or increase the powers or authorities of the FRB shall need a supermajority, except if this is an amendment clearly of general nature and not meant to specifically limit or increase the power or authorities of the FRB.
(i) Notwithstanding the above, an amendment that adds a power or authority to the FRB shall only require a majority if that power or authority, as granted, may itself be removed or amended by majority vote.

 

[Julia_]

AYE - Very simple fix.