Bill: Draft SOWF Closure Act

[ToadKing]

CONGRESS OF THE
COMMONWEALTH OF REDMONT
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A BILL TO

REPEAL THE TRUE ECONOMIC REDEMPTION ACT AND CLOSE THE SOWF

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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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PART I — PRELIMINARIES​

1. Short Title and Enactment

(1) This Act may be cited as the 'SOWF Closure Act.'

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

(3) This Act has been authored by Rep. ToadKing.

(4) This Act has been co-sponsored by Rep. IgnitedTnT.

2. Reasons and Intent

(1) The True Economic Redemption Act was passed but never repealed, leaving the SOWF without a clear legal conclusion.

(2) The 'Let's Get it Done Act' set a statutory deadline for SOWF payments but did not itself repeal the True Economic Redemption Act nor provide for the return of remaining funds.

(3) This Act finalises the closure of the SOWF by repealing the enabling legislation and returning any remaining funds to the government.

PART II — REPEAL AND CLOSURE​

3. Repeals

(1) The True Economic Redemption Act is hereby repealed in its entirety.

(2) The State Owned Withdrawal Facility (SOWF) and Financial Asset Management Corporation (FAMC) shall cease to operate upon the enactment of this Act.

4. Return of Funds

(1) Any and all funds remaining in the SOWF at the time of enactment of this Act shall be transferred to the DCGovernment balance without undue delay.

(2) The Department of Commerce shall be responsible for ensuring this transfer is completed within 7 days of enactment.

(3) Upon completion of the transfer, the DOC shall publish a public announcement confirming the amount transferred and the closure of the SOWF.