Vetoed FINFA Board Integrity Act

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A
BILL
To

Amend the Jekyll Island Act

The people of Democracy Craft, 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 “FINFA Board Integrity Act”.
(2) This Act shall be enacted immediately upon its signage.
(3) The Act has been co-sponsored by: Rep. Vernicia

2 - Reasons
The Jekyll Island Act has a major loophole in the fact that it very specifically lists out job titles that FINFA Board of Governors members can't hold. This requirement can easily be bypassed by someone who creates a job title not listed in the Jekyll Island Act but still holds the powers of such a job. For example, someone who is the "President" of a stock exchange could be part of the FINFA Board of Governors even though that goes against the intended effect of the Jekyll Island Act.

3 - Amendment

Change:
"This Act will forge a new branch of FINFA, responsible for voting on, managing, governing, and maintaining the powers needed to execute and fulfill the responsibilities itemized in Section | 3.

1. This Branch will be referred to as The Board of Governors, henceforth referred to as "The Board”.
2. The Board will be comprised of five members. All of them will retain a voting right, with the chair holding a “Forbes Vote”, which holds the practical power of two votes.
   1. The Board Chair will be elected by the five members of the Branch, immediately upon signage.
   2. The five members of the Branch will be elected by an internal FINFA vote.
      1. Any member of the Branch may not be actively serving or employed as any of the following:
         
         1. CEO of a Stock Exchange.
         2. COO of a Stock Exchange.
         3. CFO of a Stock Exchange.
         4. CEO of a Brokerage Firm.
         5. COO of a Brokerage Firm.
         6. CFO of a Brokerage Firm.
         7. CLO of a Brokerage Firm.
         8. CEO of an Investment Company.
         9. COO of an Investment Company.
         10. CFO of an Investment Company.
         11. CEO of a Credit Union.
         12. COO of a Credit Union.
         13. CFO of a Credit Union.
         14. CLO of a Credit Union."

to:
"This Act will forge a new branch of FINFA, responsible for voting on, managing, governing, and maintaining the powers needed to execute and fulfill the responsibilities itemized in Section | 3.

1. This Branch will be referred to as The Board of Governors, henceforth referred to as "The Board”.
2. The Board will be comprised of five members. All of them will retain a voting right, with the chair holding a “Forbes Vote”, which holds the practical power of two votes.
   1. The Board Chair will be elected by the five members of the Branch, immediately upon signage.
   2. The five members of the Branch will be elected by an internal FINFA vote.
      1. Any member of the Branch may not be actively serving or employed as any of the following: executive or senior employee of a stock exchange, brokerage firm, investment company, credit union, or any other financial institution."

 

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Veto

This bill has been voted because of potential externalities. The phrase "financial institution" isn't defined anywhere and may be too broad, affecting businesses owners who should not fall under this category.