Bill: Draft Reimbursement Act

[zLost]

A
BILL
To
Amend the True Economic Redemption 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 'Reimbursement Act'
(2) This Act shall be enacted immediately upon its signage.
(3) This Act has been authored by Senator Omegabiebel and ToadKing.
(4) This Act has been proposed by Representative zLost.
(5) This Act has been co-sponsored by Senator Omegabiebel.

2 - Reasons
(1) There is a prunable cash pool of around $80-$90 million, which can easily reimburse the damage caused by the economic crisis.
(2) We have had multiple administrations delaying and procrastinating on SOWF, this needs to end. Enough is enough.

3 - Amendments
(1) Section 5 of the True Economic Redemption Act shall be amended as follows:
“(3) All depositors in covered institutions whose deposits were transferred to the SOWF will receive a part of their full deposit proportional to the amount of money gained from the liquidation of the assets transferred to the SOWF from owed by the covered institution.

(4) The Department of Commerce may transfer any amount of unrecovered deposits from covered institutions to be covered by the SOWF.

(5) The DOC is responsible for both the disbursement of funds through the SOWF and for communication with the public regarding the state and progress of the facility.

(6) The FRB is responsible for the minting of funds needed for the SOWF.

(7) Both the DOC and the FRB are responsible for managing the accounting of funds as well as drafting rules of withdrawals.

(8) The SOWF is allowed to decide how much of deposits post-liquidation of assets will be covered by the facility. Deposits not covered by insurance, liquidation or this additional funding will be considered unrecoverable and cannot be pursued by depositors.
(8) Deposits covered under SOWF shall be fully reimbursed.
(i) Deposits held by permanently banned or deported players shall be forfeited
(ii) Deposits held by players eligible for pruning shall be pruned

(9) Congress may appropriate funds from the monthly budget to help contribute to the SOWF.

(10) The SOWF is empowered to create rules for withdrawing deposits over time. They may create different rules for individuals, business, and financial institutions.
(10) The SOWF shall provide equal withdrawal facilities to all individuals, businesses, and financial institutions, regardless of their deposit amount.
(a) They may also create rules to have early withdrawals, including charging a percentage of the withdrawal as a fee.

(11) The SOWF is empowered to create SOWF Notes for the trading of money stored in deposits in the institution prior to withdrawal.
(a) SOWF Notes will mature at a date to be decided by the SOWF, and may mature at staggered times.
(b) SOWF Notes may be transferred between entities as decided by the SOWF.
(c) The SOWF may charge entities to transfer SOWF Notes to another entity. They may charge an entity to receive or give SOWF Notes to another entity as long as the entity is not an individual.
(d) SOWF Notes shall not be considered legal tender, but they shall be backed by the full faith and credit of the Commonwealth government and accepted as payment by government institutions.
(i) Private companies are not required to accept SOWF Notes as payment, but are encouraged to do so.
(ii) Payments made to government institutions that will be transferred to private entities require the consent of the private entity to be made in SOWF Notes.

(11) The SOWF will be operational until all deposits under its care have been reimbursed and this Act expires.

(12) If there are remaining funds in the SOWF at the time of its dissolution, those funds which are the result of minting will be destroyed, and the remainder will be placed in the government’s balance.

(13) The SOWF shall have 60 days from the enactment of the Reimbursement Act, to provide 100% reimbursements to all eligible depositors.

(14) Any deposits currently covered by the SOWF, from the proposal of the Reimbursement Act, shall not be removed from coverage, except for permanently banned individuals and players eligible for pruning.