Following Parliament's passage of the Banking and Finances Act on September 7, 2008, Prime Minister Demosthenes began work preparing His Administratorness' Government for the introduction of its two most important elements, the Imperial Bank of AH.com and the Ianite Dollar (IDL). If passed, this bill would allow Parliament to purchase US$1,000,000 in gold to back the IDL.
This bill was first proposed by Prime Minister Demosthenes on September 7, 2008. LightInfa (E) suggested the gold reserves be placed under the authority of the Imperial Bank of AH.com rather than the Office of the Treasury. The Prime Minister concurred.
On February 26, 2009, Pkmatrix (YSP) informed the Lower House of Parliament that this bill was one of three remaining on the docket, but that it had been declared “Stalled”. Deputy Prime Minister LordInsane (E) voiced opposition to the bill, reasoning that “things have changed since that bill was drawn up, and we need more gold than it would provide us, in the opinion of this MP.“
In an address to Parliament, 09camaro (E) said: “The bill is flawed from the origin and does nothing to limit the current rates of inflation that are beginning to affect the AH.com Empire. The amounts of gold required to fill such an order are not capable of being produced in the time allowed by such a bill. This bill is an effort to slowly destroy the treasury. Tts whole implementation is based on un-educated information. a complete re-write would be required for such a bill to even make a minor impact on the areas it wishes to improve.”
Resolved, that to back the IDL before money is issued, it be ordered that the Office of the Treasury purhcase gold in the amount of $1,000,000, within two days of the passage of this bill.
Resolved, that the gold reserves be kept under special security under the direct authority of the Office of the Treasury.
Resolved, that Parliament notify the Office of the Treasury that we are considering a purchase of $100,000,000 in gold to back the IDL, to be approved possibly at a later time.
Voting on this bill began on February 26, 2009 and ended on March 5, 2009.
None voted AYE.
With 8 votes against, none in favor, and 7 MPs not voting, this bill was Defeated.