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CONGRESS OF THE
COMMONWEALTH OF REDMONT
A BILL TO
ESTABLISH THE INDUSTRIAL AND COMMERCIAL BANK OF REDMONT
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 ‘Industrial and Commercial Bank of Redmont Act’
(2) This Act shall be enacted immediately upon its signage.
(3) This Act has been authored by Representative eatean
(4) This Act has been co-sponsored by Representative YoshiKarter, and Representative SplashyAlpaca77.
2. Reasons and Intent
(1) To establish a state-owned bank to provide a pillar of stability to Redmont's crumbling financial sector, and to consumers as a whole.
(2) To further increase the control of the state over the economy.
3. Definitions
(1) For the purposes of this Act, the following definitions shall apply:
(a) ICBR. The Industrial and Commercial Bank of Redmont.
(b) FRB. The Federal Reserve Bank, as defined under the Federal Reserve Act.
PART II — Initialization
4. Terms of Initialization
(1) This act shall create an organization called the "Industrial and Commercial Bank of Redmont" or the "ICBR".
(2) The ICBR shall be considered a governmental entity, except as provided by Part 2, Section 5(3) of this Act. However, the ICBR shall be exempt from Part 16, Section 62(5) under the Redmont Corporate Entities Act.
(3) The ICBR shall be able to receive discretionary funding, grants, subsidies, loans, guarantees, or other financial assistance from the Commonwealth or any governmental entity, subject to applicable law and appropriations, except as provided by Part 4, Section 7(2) of this Act.
(4) The ICBR shall adopt a Formation Instrument as defined under the Redmont Corporate Entities Act pursuant to Section 5 of this Act.
(5) The ICBR shall not be put into receivership under Part 20 of the Redmont Corporate Entities Act.
(6) The ICBR shall not be dissolved, destroyed, or otherwise cease to function unless provided by an Act of Congress.
PART II — Governance
5. Terms of Governance
(1) The ICBR is prohibited from holding a minority voting control in itself.
(2) Part 2, Section 5(3) of this Act is to be read with the Redmont Corporate Entities Act.
(3) The ICBR shall adopt a Formation Instrument, where the formation instrument includes a provision providing for:
(i) the ICBR's formation as a 'corporation';
(ii) the inability for the ICBR to become a Public Company;
(iii) the Voting Power held by the ICBR itself to not fall below a controlling stake;
(iv) a Supervisory Board to be implemented, consisting of all members of the Federal Reserve Board;
(a) where the ex officio seat on the Federal Reserve Board pursuant to the Federal Reserve Act is to be an ex officio seat on the Supervisory Board and subject to Section 5(1)(h) under the Federal Reserve Act.
(v) the Supervisory Board to appoint a 'Management Board'; and
(a) the Management Board shall manage the ICBR, and be granted all necessary provisions in order to do so
(b) the Management Board shall consist of at least 1 member, at most 5 members, and shall have an odd number of members.
(c) the Management Board shall be confirmed by the Senate with a supermajority.
(1) a hearing shall be created for Senators.
(2) The voting period for the confirmation of the Management Board by the Senate shall end 48 hours after the conclusion of the hearing.
(vi) the Supervisory Board to be capable of removing a member of the 'Management Board' through a unanimous vote.
PART III — Mandate6. Mandate of the ICBR
(1) The ICBR shall act in the best interest of the people of the Commonwealth, and in the economy, in the long-term.
(2) The ICBR is only permitted to lend, provide lines of credit, and otherwise any other form of loaning.
(i) The ICBR is prohibited from taking deposits, as defined under the Redmont Commerce and Finance Act.
(3) The Management Board is prohibited from setting their own pay, compensation, or otherwise monetary reward for their work as a member of the Management Board.
(i) The Supervisory Board shall set the Management Board's compensation for their work as a member of the Management Board.
(4) Members of the Supervisory Board are prohibited from serving on the Management Board.
PART IV — Exemptions
7. Exemptions
(1) The ICBR is not an executive department.
(2) Should the ICBR be considered insolvent under Part 19 of the Redmont Corporate Entities Act, the ICBR is to receive enough discretionary funding, grants, subsidies, loans, guarantees, or other financial assistance from the Commonwealth or any governmental entity, subject to applicable law and appropriations, necessary to remain solvent.
(3) The ICBR is to be subject to Part 3 of the Redmont Commerce and Finance Act.
(4) The ICBR is to be subject to Part 2 of the Redmont Commerce and Finance Act, with the exception of Section 8 of Part 2 of the Redmont Commerce and Finance Act.
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