Rescinded Jekyll Island Act

[wetc]

House Vote: 6-3-1
Senate Vote: 2-1-2

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A
BILL
To

Create Tools To Effectively Combat Deflation

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 “Jekyll Island Act”.
(2) This Act shall be enacted immediately upon its signage.
(3) The Act has been co-sponsored by Rep. Vernicia.

This Act Has Been Approved By The DEC Secretary, Yes, For Real This Time.

2 - Reasons

1. For too long the economy of Redmont has been under dire straits, with no entity standing to maintain its health, the Jekyll Island Act will create the tools needed to keep the economy in a healthy state.
2. Redmont is under constant stress, our economy is less stable than a skyscraper made by drunks. We need an entity to govern domestic policy, and ensure that our citizens operate in a productive and blissful economy.

3 - Vested Responsibilities

1. This Act, upon signage, will grant powers listed in Section | 5 to FINFA.
2. FINFA shall act to fulfill the following goals in no particular order.
   1. Maximum employment.
   2. Moderate long-term interest rates.
   3. Consistent prices for consumers and producers.
   4. Safe and liquid marketplaces.
   5. Secure, safe, and protected exchange of assets and securities.

4 - Structure

1. This Act, upon signage, will codify FINFA as a Third-Party Government Organization. Acting similar to how the Redmont Bar Association operates now, but with the reserved autonomy of deciding its own composition, policies, transparency, and bylaws.
   1. Any existing section or codified information that would contradict this, will upon signage of this bill, be expunged and rendered void in any Act or Bill that said information may reside.
      1. Only contradicting sections would be expunged, and the Act or Bill itself remains in effect, and functional.
2. 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.
   3. This branch also remains responsible for reviewing, approving, and executing the powers vested in them to deliver on their responsibilities.

5 - Vested Powers

1. The following is an itemized list of powers that will be entrusted to The Board upon signage of this bill:
   1. Determining, Implementing, Revising, and Changing Redmont’s Monetary Policy.
   2. Minting new currency.
   3. Introducing new currency.
   4. Cycling new currency.
   5. Lending new currency.
   6. Distributing minted new currency.
   7. Regulating, Advising, and Determining interest rates for Government Loaning Initiatives.
   8. Regulating, Advising, and Determining interest rates for Government Bonds, or other Government Guaranteed Securities.
   9. Trading securities with FINFA ratings of DD or higher.
   10. Retaining a strategic item reserve determined by FINFA.
   11. Modifying, adjusting, and changing the starting balance of new players.
   12. Modifying, adjusting, and changing the reward rate for voting. (/vote)
   13. Determine universal contract structures for securities.
   14. Determine universal formats for securities.
   15. Acquire and purchase land and real estate exclusively for the use of price stability or functionality of The Board or FINFA.

6 - Transparency

1. The Board will be required to publish in the FINFA discord, all of the following:
   1. Changes to rates of The Board Lending.
   2. Changes to Starting Balance Amounts.
   3. Changes to voting rewards.
   4. The Board and FINFA Bylaw changes.
   5. Changes to Universal Security formats, contracts, or structures.
2. In order to ensure a proper system of effective checks and balances, a DEC representative will retain access to all Board Text-Channels in the FINFA discord.
   1. This representative will not be able to chat on these channels.
3. In order to ensure a proper system of effective checks and balances, the DEC, DOJ, or Economics Committee will retain the right to request a briefing document on any change, event, or policy of The Board.
4. The Secretary of The DEC will retain veto power for the following Board powers.
   1. Modifying, adjusting, and changing the starting balance of new players.
   2. Modifying, adjusting, and changing the reward rate for voting. (/vote)
   3. Regulating, Advising, and Determining interest rates for Government Loaning Initiatives.

-Wetc Out

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[End]

Nay, as discussed.

 

[wetc]

Nay, as discussed.

Hates progress, as expected smh smh

 

[End]

Hates progress, as expected smh smh

Actually no, as discussed in private I am a proponent for it. I requested a number of small changes that make it simpler and easier to understand.

 

[wetc]

Actually no, as discussed in private I am a proponent for it. I requested a number of small changes that make it simpler and easier to understand.

Why do you wish to see this economy burn?

 

[End]

Before this goes to the President I want to note that:
1. This bill is incredibly complex and convoluted. The abstains on this bill show this - no one knows what it does.
2. This bill is extremely specific, it can be bypassed by making a position that is not explicitly listed in this act.
3. The only check on the board is the DEC secretary - who is going to be in FINFA and is lined up to be the next DEC secretary? The author of this bill.
4. The DCT manages plot releases.
"Acquire and purchase land and real estate exclusively for the use of price stability or functionality of The Board or FINFA."
5. The DEC has no veto on minting powers.
6. Such a powerful suite of powers should be under a Federal Reserve, not an agency whose name no one knows what stands for.

The gravity of this bill is extensive.

 

[wetc]

Before this goes to the President I want to note that:
1. This bill is incredibly complex and convoluted. The abstains on this bill show this - no one knows what it does.
2. This bill is extremely specific, it can be bypassed by making a position that is not explicitly listed in this act.
3. The only check on the board is the DEC secretary - who is going to be in FINFA and is lined up to be the next DEC secretary? The author of this bill.
4. The DCT manages plot releases.
"Acquire and purchase land and real estate exclusively for the use of price stability or functionality of The Board or FINFA."
5. The DEC has no veto on minting powers.
6. Such a powerful suite of powers should be under a Federal Reserve, not an agency whose name no one knows what stands for.

The gravity of this bill is extensive.

Federal Insurance and Numismatics Financing Agency
happy to help

 

[Westray]

Presidential Assent

This bill has been granted assent and is hereby signed into law.