YeetGlazer
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YeetGlazer
Representative
- Joined
- Jul 17, 2024
- Messages
- 180
- Thread Author
- #1
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 ‘Federal Reserve Regulation Act’'
(2) This Act shall be enacted immediately upon its signage.
(3) This Act has been authored by Avaneesh2008
(4) This Act has been co-sponsored by Rep. Kaiserin_
2 - Reasons
(1) Federal Reserve needs to be regulated more
(2) Public should know when currency is minted
(3) The Inspector General should actually exist
3 - Amend Federal Reserve Act Section 6
(1) Section 6 of The Federal Reserve Act shall be amended from:
“(1) The Board of Governors must vote on a motion to mint new currency into the economy by a supermajority.
(a) Upon the passage of the motion to mint currency, the action of minting currency will be carried out by the Secretary of the Department of Commerce.
(i) Clause: The Federal Reserve solely has the power to determine when the government is to mint funds, the Commerce Secretary must action the minting of funds upon request, while establishing that the motion has gained a supermajority.”
To:
“(1) The Board of Governors must vote on a motion to mint new currency into the economy by a supermajority.
(a) Upon the passage of the motion to mint currency, the action of minting currency will be carried out by the Secretary of the Department of Commerce.
(i) Clause: The Federal Reserve solely has the power to determine when the government is to mint funds, the Commerce Secretary must action the minting of funds upon request, while establishing that the motion has gained a supermajority.
(b) The Reserve Governor must also announce the new minting of currency to the general public. They must announce the amount of currency minted, the board members who voted for or against the motion, and when the currency was minted”
4 - Amend Federal Reserve Act Section 7
(1) Section 7 of The Federal Reserve Act shall be amended from:
“(1) The Federal Reserve shall operate with financial independence to carry out its functions without political interference.
(2) The Board of Governors shall submit a monthly report to Congress detailing the organization's activities, policies, and financial performance.
(3) Through clear and accessible communication, the Federal Reserve shall convey its goals, actions, and rationales to the public, ensuring that its decisions are guided by the broader interests of the citizenry.
(4) Inspector General: The Chairman of the Joint Congressional Economics Committee shall have unfiltered access to view all Federal Reserve Communications. The Inspector General may not communicate in any of these channels unless authorized by the Reserve Governor.
(5) The Inspector General is responsible for holding the Board of Governors accountable, addressing issues to Congress, and ensuring that the Federal Reserve operates in the best interests of the Commonwealth.
(a) Future Clause: Should two separate chamber-specific Congressional Economic Committees exist, the Chair of the Senate Economic Committee will be the Inspector General.
(6) Congress may overturn a decision of the Board with a 2/3 majority in both chambers and may remove Board members with a majority in both chambers”
To:
“(1) The Federal Reserve shall operate with financial independence to carry out its functions without political interference.
(2) The Board of Governors shall submit a monthly report to Congress detailing the organization's activities, policies, and financial performance.
(3) Through clear and accessible communication, the Federal Reserve shall convey its goals, actions, and rationales to the public, ensuring that its decisions are guided by the broader interests of the citizenry.
(4) The Senate shall appoint an Inspector General to the Federal Reserve. The Inspector General shall be appointed by a majority vote of the Senate and serves at the pleasure of the Senate. The Inspector General should not be part of the Federal Reserve nor any bank.
(a) The Inspector General: The Chairman of the Joint Congressional Economics Committee shall have unfiltered access to view all Federal Reserve Communications. The Inspector General may not communicate in any of these channels unless authorized by the Reserve Governor.
(b) The Inspector General is responsible for holding the Board of Governors accountable, addressing issues to Congress, and ensuring that the Federal Reserve operates in the best interests of the Commonwealth.
(c) The Inspector General is required to present an audit report to congress and the general public to show the Federal Reserve is meeting their obligations and is operating lawfully.
(d) The Inspector General salary shall be decided by Executive Order.
(a) Future Clause: Should two separate chamber-specific Congressional Economic Committees exist, the Chair of the Senate Economic Committee will be the Inspector General.
(5) Congress may overturn a decision of the Board with a 2/3 majority in both chambers and may remove Board members with a majority in both chambers”
