Dogeington
Citizen
Deputy Speaker of the House
Representative
Justice Department
Commerce Department
Public Affairs Department
Construction & Transport Department
Oakridge Resident
Statesman
5th Anniversary
Sir_Dogeington
Deputy Speaker
- Joined
- Apr 3, 2025
- Messages
- 71
- Thread Author
- #1
HOR: 6-0-0
Senate: 4-0-0
A
BILL
To
Grant Explicit Powers to the DOC and Adjust Deposit Insurance
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 ‘Seizure and Insurance Adjustment Act.'
(2) This Act shall be enacted immediately upon its signage.
(3) This Act has been authored by President Kaiserin_ and Commerce Secretary Avaneesh2008, with inspiration and input from others.
(4) This Act has been sponsored by Representative Dogeington.
(5) This Act has been co-sponsored by Senator xSyncx.
2 - Reasons
(1) To explicitly grant the DOC powers which are necessary for the handling of the present financial collapse, and which may be necessary again in the future.
(2) To avoid necessitating the use of implicit powers which may be challenged in court.
(3) To increase the Deposit Guarantee to $100,000 per individual.
3 - Ex Post Facto
(1) This Act and any provisions within it will apply ex post facto to any institution currently commandeered, nationalised, or seized by the Department of Commerce.
4 - Amendments
(1) § 8.(3) of the Taxation Act shall be amended to:
“(3) The Department of Commerce will have the following non-exhaustive general powers in relation to regulating financial institutions:
(a) Registration: The Department of Commerce will have the power to assess an institution's eligibility, financial viability, and compliance with regulatory requirements prior to registration as a financial institution.
(b) Deregistration: The Department of Commerce will have the power to deregister financial institutions. This authority is granted to address instances of persistent non-compliance with regulations and or laws. Investigatory and legal due diligence, the best interests of the depositors, and restraint must be considered and applied in exercising deregistration.
(c) Commandeer: In extraordinary situations, the Department of Commerce has the power to commandeer and take temporary control of a financial institution. This authority is reserved for exceptional circumstances, such as insolvency, near insolvency, financial crises, or situations where the institution's continued operation poses a systemic risk to the financial system or depositors.
(i) The DOC reserves the right to refuse to declare any seized, commandeered, or nationalised institution as bankrupt under the Business Structuring Act or any subsequent acts. The DOC may retroactively declare the bankruptcy status of any seized, commandeered, or nationalised institution as void.
(d) Seizure and Sale. The Department of Commerce may consider commercial remedies such as selling a collapsed bank financial institution (or parts of a collapsed bank financial institution) to other interested financial institutions/parties. This may only take place when it is in the best interests of the depositors. Additionally, the Department may seize the assets of Directors/Owners of the Financial Institutions (with the least required disturbance to their estate) to recover debts.”
(2) § 9.(1) of the Taxation Act shall be amended to:
“(1) The Federal Government will guarantee deposits of up to $100,000 $50,000 per person, per authorised financial institution.”
5 - Severability
(1) If one section or part of this Act is declared unenforceable or unconstitutional, only the offending section or part shall be void. All other sections or parts will remain in effect.
Senate: 4-0-0
A
BILL
To
Grant Explicit Powers to the DOC and Adjust Deposit Insurance
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 ‘Seizure and Insurance Adjustment Act.'
(2) This Act shall be enacted immediately upon its signage.
(3) This Act has been authored by President Kaiserin_ and Commerce Secretary Avaneesh2008, with inspiration and input from others.
(4) This Act has been sponsored by Representative Dogeington.
(5) This Act has been co-sponsored by Senator xSyncx.
2 - Reasons
(1) To explicitly grant the DOC powers which are necessary for the handling of the present financial collapse, and which may be necessary again in the future.
(2) To avoid necessitating the use of implicit powers which may be challenged in court.
(3) To increase the Deposit Guarantee to $100,000 per individual.
3 - Ex Post Facto
(1) This Act and any provisions within it will apply ex post facto to any institution currently commandeered, nationalised, or seized by the Department of Commerce.
4 - Amendments
(1) § 8.(3) of the Taxation Act shall be amended to:
“(3) The Department of Commerce will have the following non-exhaustive general powers in relation to regulating financial institutions:
(a) Registration: The Department of Commerce will have the power to assess an institution's eligibility, financial viability, and compliance with regulatory requirements prior to registration as a financial institution.
(b) Deregistration: The Department of Commerce will have the power to deregister financial institutions. This authority is granted to address instances of persistent non-compliance with regulations and or laws. Investigatory and legal due diligence, the best interests of the depositors, and restraint must be considered and applied in exercising deregistration.
(c) Commandeer: In extraordinary situations, the Department of Commerce has the power to commandeer and take temporary control of a financial institution. This authority is reserved for exceptional circumstances, such as insolvency, near insolvency, financial crises, or situations where the institution's continued operation poses a systemic risk to the financial system or depositors.
(i) The DOC reserves the right to refuse to declare any seized, commandeered, or nationalised institution as bankrupt under the Business Structuring Act or any subsequent acts. The DOC may retroactively declare the bankruptcy status of any seized, commandeered, or nationalised institution as void.
(d) Seizure and Sale. The Department of Commerce may consider commercial remedies such as selling a collapsed bank financial institution (or parts of a collapsed bank financial institution) to other interested financial institutions/parties. This may only take place when it is in the best interests of the depositors. Additionally, the Department may seize the assets of Directors/Owners of the Financial Institutions (with the least required disturbance to their estate) to recover debts.”
(2) § 9.(1) of the Taxation Act shall be amended to:
“(1) The Federal Government will guarantee deposits of up to $100,000 $50,000 per person, per authorised financial institution.”
5 - Severability
(1) If one section or part of this Act is declared unenforceable or unconstitutional, only the offending section or part shall be void. All other sections or parts will remain in effect.
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