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offtopic:banking_reform_bill

Banking Reform Act

Overview

This was the first major reform of the Imperial Bank of AH.com following its creation in January 2009. Among the major reforms: reorganizing and simplifying the Board of Directors, establishing a value for the Ianite Dollar, and abolishing Parliament's Banking and Finances Committee.

History

MP Pkmatrix (YSP) submitted the bill to the Lower House of Parliament on April 14, 2009. On April 16, Landsraad member LightInfa (FFF) expressed opposition to the bill on the grounds that it would destroy “the bank's independence and purpose.”

MP Susano (FFF) responded that he “hated the entire bank business” but also asked LightInfa if he had any proposals. ML LightInfa (FFF) suggested “reducing the Board of the Imperial Bank to three or four people” and reiterated that he did not see a “'pressing need' to reform or abolish the bank, or the 'many Members of Parliament' who oppose the bill.”

MP Susano (FFF) said: “Also, looking at the Banking act - yikes, sorry, but what catastrophe. You managed to completly fail to understand by what I meant with that we need “something to fix the currency against”. But dont worry, so did Pkmatrix, too.“ He also presented a list of items he would like to see in any future banking bill:

“1) The official currency of AH.com will be the Ianite dollar (IDL), which is to be defined as follows: One Ianite Dollar equals 1/1,000,000 of a post in the post count of the AH.com forum. The IDL is to be further divided into 100 Alternates.

2) The monthly revenue of the government of AH.com will hence be this month's raise in the postcount times 1,000,000 in Ianite Dollars. This raise is to be measured by the Members of the Board of the Imperial Bank of AH.com. The 12 monthly revenues of the fiscal year of the Imperial Repubic of AH.com are the annual revenue of the Imperial Republic which can be used for its budget.

3) Each year, the President must submit a proposal for a budget to Parliament, based on estimations of revenue for the next fiscal year and the needs of the ministries, territories and other institutions in the next fiscal year, and based on the advice of the Board of the Imperial Bank of AH.com

4) This budget may be amended by Parliament to its discretion, and the budget must receive a 2/3 majority to be passed.

5) The Imperial Bank of AH.com will be the central bank of AH.com. It will be responsible for minting and printing the Ianite Dollars according to the conditions of sections 1 and 2, and advise the President on matters of the budget.

6) The Imperial Bank of AH.com shall be led by a Director-General appointed by Parliament, who in turn shall name 4 further people to make up the bBoard of the Imperial Bank of AH.com.”

ML LightInfa (FFF) approved of Susano's suggestions and said: “That's something certainly more reasonable than Pkmatrix's bill. I would have no problem with a bill fashioned upon these lines.”

In response to this discussion, MP Pkmatrix (YSP) temporarily withdrew the bill on April 20. He later resubmitted an expanded draft that incorporated Susano's suggestions.

Proposed Text of Legislation

WHEREAS many Members of Parliament are opposed to the Imperial Bank of AH.com as it now stands; and

WHEREAS the Imperial Bank, as organized under the Banking and Finances Act, is far too large to be at all managable by His Administratorness' Government;

BE IT ENACTED by Act of the Parliament of Alternatehistory.com,

ARTICLE I

The Imperial Bank Board of Directors as defined in the Banking and Finances Act shall be abolished.

ARTICLE II

Section 1, Head of the Imperial Bank: The Chancellor of the Exchequer shall serve as the Head of the Imperial Bank.

Section 2, Assistant Directors: The Chancellor of the Exchequer shall have the right to appoint Assistant Directors of the Imperial Bank, should he deem it necessary to do so.

ARTICLE III

The Imperial Bank of AH.com shall henceforth be an agency under the jurisdiction of the Office of the Treasury.

Final Text of Legislation

Banking Reform Bill

WHEREAS the Imperial Bank of AH.com, as organized under the Banking and Finances Act, is far too large to be at all managable by His Administratorness' Government;

BE IT ENACTED by Act of the Parliament of Alternatehistory.com,

ARTICLE I

Section 1, Composition of the Board of Directors: The Imperial Bank Board of Directors as defined in Section 3 of the Banking and Finances Act shall be abolished. The Imperial Bank Board of Directors shall thus be redefinied as a body of no less than three persons, consisting of the Chancellor of the Exchequer, the Chief Director of the Imperial Bank, and at least one Assistant Director of the Imperial Bank.

Section 2, Appointment of the Board of Directors: The President of AH.com shall retain the right to appoint a Chancellor of the Exchequer to head the Office of the Treasury.

The Chancellor of the Exchequer, after consulting the President of AH.com, shall nominate one person to be the Chief Director of the Imperial Bank. This nomination must be approved by a simple majority of the Lower House of Parliament. Should Parliament not vote to confirm the appointment of the Chief Director within one week, the appointment shall be considered confirmed.

The Chief Director shall have the right to appoint an Assistant Director to the Board of Directors. Should he or she deem it necessary, the Chief Director may appoint more than one Assistant Director.

Section 3, Responsibilities of the Board of Directors: It shall be the responsibility of the Imperial Bank Board of Directors is to record the monthly and annual revenues of the Imperial Republic. This is to be done by measuring the monthly and yearly raises of postcount on AH.com and multiplying that number of one million Ianite Dollars.

ARTICLE II

Section 1, Value of the IDL: One Ianite Dollar shall be defined as one post on the AH.com Forums equaling one million Ianite Dollars.

Section 2, Revenue of the Government: The monthly revenue of the government of AH.com will hence be this month's raise in the postcount times 1,000,000 in Ianite Dollars. This raise is to be measured by the Members of the Board of the Imperial Bank of AH.com. The 12 monthly revenues of the fiscal year of the Imperial Repubic of AH.com are the annual revenue of the Imperial Republic which can be used for its budget.

ARTICLE III

Section 1, Submission of the Budget: Each year, the President must submit a proposal for a budget to Parliament, based on estimations of revenue for the next fiscal year and the needs of the ministries, territories and other institutions in the next fiscal year, and based on the advice of the Board of the Imperial Bank of AH.com

Section 2, Approval of the Budget: This budget may be amended by Parliament to its discretion, and must be approved by a simple majority vote of the Lower House of Parliament. Should Parliament not vote to approve the budget within one week, the budget shall be considered approved.

Section 3, Definition of the Fiscal Year: The Fiscal Year shall be scheduled to begin on July 1 and end on June 30 of each calendar year.

Section 4, Beginning of Effects: The Imperial Bank of AH.com will be required to begin operations at the start of the next Fiscal Year on July 1, 2009.

ARTICLE IV

The Banking and Finances Committee shall hereby be permanently dissolved.

Results

First Round of Voting

Initial voting on this bill began in the Lower House of Parliament on April 15, 2009 and ended with the bill's temporary withdrawal on April 20, 2009.

Aye Nay Abstain No Vote
Pkmatrix (YSP) Keenir (E)
Susano (FFF) Ran Exilis (E)
Deputy Prime Minister LordInsane (E) Haggis (E)
Prime Minister TheDarkServant (E) Gladi (E)
VulcanTrekkie45 (YSP) Demosthenes (E)
09camaro (E) Opposition Leader Kidblast (YSP)
maverick (E) Nekromans (YSP)
Steffen (FFF)
7 0 0 8

Second Round of Voting

A second round of voting began in the Lower House of Parliament on May 22, 2009 and ended on May 29, 2009.

Aye Nay Abstain No Vote
Prime Minister LordInsane (E) N/A N/A N/A
Pkmatrix (YSP) N/A N/A N/A
09camaro (E) N/A N/A N/A
Susano (FFF) N/A N/A Deputy Prime Minister maverick (E)
TheDarkServant (FFBF) N/A N/A Steffen (FFF)
VulcanTrekkie45 (YSP) N/A N/A Keenir (E)
N/A N/A N/A Ran Exilis (E)
N/A N/A N/A Haggis (E)
N/A N/A N/A Demosthenes (E)
N/A N/A N/A Opposition Leader Kidblast (YSP)
N/A N/A N/A Nekromans (YSP)
N/A N/A N/A Gladi (E)
6 0 0 9

The bill was passed by the Lower House of Parliament on May 29, 2009 via the expedited passage rules outlined in Article I of the Legislative Procedures Act by a vote of 6-0-0, with 9 MPs not voting. The Landsraad of AH.com did not mount a challenge, and was signed by President Sargon on August 10, 2009.

See Also

offtopic/banking_reform_bill.txt · Last modified: 2019/03/29 15:13 (external edit)