Bill: Draft Reserve and Commerce are friends Act

[Incarnation__]

CONGRESS OF THE
COMMONWEALTH OF REDMONT
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A BILL TO

Let the DoC share with the Reserve


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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:


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1. Short Title and Enactment

(1) This Act may be cited as the ‘Reserve and Commerce are friends Act’

(2) This Act shall be enacted immediately upon its signage.

(3) This Act has been authored by AsexualDinosaur.

(4) This Act has been sponsored by Rep Incarnation__.

(5) This Act has been co-sponsored by [Co-Sponsor Name].

(6) This Act amends the following acts:

(a) Taxation Act

2. Reasons and Intent

(1) The FRB takes the same or similar information that the DoC does when banks file their monthly reports, we should permit the DoC to share information the FRB requires.

(2) The intent is to reduce the administrative efforts of both the FRB and Financial Institutions to file reports - Which are largely the same information anyway.

(3) Technically the data given to the FRB doesn’t have the same commercial-in-confidence protections that the data given to the DoC does.

3. Amendments

§ 10 of the Taxation Act shall be amended as follows:
10 - Financial Institution Rights
(1) Information shared with regulatory bodies must satisfy a 'need-to-know' principle. For example:
(a) The Department of Commerce does not always need to know the identity of account holders.
(b) The Department of Commerce needs to have a reasonable justification for accessing the data it is requesting (this justification does not have to be shared with the Financial Institution).
(2) The Department of Commerce can only compel a Financial Institution to produce information in the course of its official duties.
(3) The Department of Commerce and Federal Reserve must treat the data of Financial Institutions as commercial-in-confidence, with the sole exception to this being the usage of strictly necessary data in a public report, and only to the extent required to describe and justify the reasoning behind any regulatory or enforcement action performed by the Department, including those listed in §8 of this Act.
(a) Data shared with the Department of Commerce may also be shared with the Federal Reserve.