Bill: Rejected FRB Amendment Act

[CaseyLeFaye]

A
BILL
To

Amend the Federal Reserve Act​

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:

1 - Short Title and Enactment
(1) This Act may be cited as the 'FRB Amendment Act.'
(2) This Act shall be enacted immediately upon its signage.
(3) This Act has been authored by President UnityMaster.
(4) This Act has been co-sponsored by Senator CopTop_YT.

2 - Reasons
(1) Currently, the source of the join balance and voting rewards are unspecified. This has been taken to mean that they can be printed, but this excessive amount of printed money is harming the economy.
(2) Requiring banks to store money with the FRB and to be insured with it will help keep the economy stable.
(3) To amend the Federal Reserve Act.

3 - Terms
(1) 5(1)(g) of the Federal Reserve Act shall be amended as follows:

“(g) Player Balance​

(i) The Reserve Bank can determine the amount of capital a player starts will upon joining DemocracyCraft for the first time.​

(ii) This capital shall come from the DCGovernment balance.”​

(2) 5(1)(h) of the Federal Reserve Act shall be amended as follows:

“(h) Voting Rewards​

(i) The Reserve Bank can determine the amount of capital a player receives from Server Vote Rewards.​

(ii) This capital shall come from the DCGovernment balance.”​

(3) 6(1)(a)(i) of the Federal Reserve Act shall be amended as follows:

“(a) Upon the passage of the motion to mint currency, the action of minting currency will be carried out by the Secretary of the Department of Commerce.​

(i) Clause: The Federal Reserve solely has the power to determine when the government is to mint funds, the Commerce Secretary must action the minting of funds upon request, while establishing that the motion has gained a supermajority.​

(ii) Future printing of Redmont Dollars must be directly proportional to the acquisition of new Netherite reserves to ensure the integrity of the peg.”​

(4) The following section shall be added to the Federal Reserve Act:

“8 - Financial Institution Regulations​

(1) All financial institutions must store a percent of their money with the FRB. This percent shall be equal for all financial institutions and shall be determined by the FRB.​

(2) Financial institutions must use FRB insurance to be registered with the DOC.”​

(a) The subsequent section shall be renumbered to reflect this change.