Act of Congress Free The People Act

[wetc]

---

A
BILL
To

Solve The Deficit Crisis, And Expand Government Revenue

The people of Democracy Craft, 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 “Free The People Act”.
(2) This Act shall be enacted immediately upon its signage.
(3) The Act has been co-sponsored by: MilkCrack

2 - Reasons

1. Bottle-neck government spending cuts. Increase revenue to the Federal Government.
2. Allow for advanced borrowing systems, enabling Commercial Banks to use debt as tangible currency, through DEC approved lines of credit.
3. Open borrowing to the Federal Government, through guaranteed outlets, such as DEC approved Commercial Banks.

3 - Minimum Debt Requirement

1. A Commercial Bank (CB) applying for an Approved Tangible Conversion (ATC) must meet the minimum conversion ratio of $25,000 (Debt) —> $25,000 (Tangible).
   1. This debt can be any form of promissory, as long as it is cleared by a FINFA Minor-Majority.
   2. A CB applying for an ATC may of course exceed the minimum conversion ratio, but any ATC application over $350,000 must be audited by the DEC or FINFA where applicable.

4 - Recoupment

1. Any ATC cleared and processed by FINFA and the DEC is not a donation, or a one-sided payment.
   1. All ATC’s must be paid back by the receiver of the Freshly Minted Funds (FMF).
      1. Given the abnormally large volume these ATC’s will likely come in, payment plans for the ATC’s will be decided on a Conversion to Conversion basis.
   2. In the event the funds required to pay back an ATC’s FMF are not available, FINFA retains the right to itemize Highly Liquid Assets (HLA’s) from the receiver of the FMF. The receiver is required to comply fully with FINFA in the asset compilation process.
      1. The DEC retains the right to liquidate the HLA’s as defined by FINFA, to the point where the original FMF can be recouped and paid back.
      2. In the event that the CM doesn’t possess enough HLA’s to repay its debt, then FINFA will be able to draft leveraged payment plans with the CM that the DEC will have to green-light.
         1. The DEC retains the final say in any payment plan, FINFA acts solely as a logistical handler, working to optimize the logistics of these operations.

5 - Distribution

1. The distribution and disbursement of all FMF will be handled under the discretion of the DEC, and FINFA.
   1. Any FMF under $100,000 is cleared to be paid out in a lump sum. Anything over $100,000 may also be paid in a lump sum, however, the DEC and FINFA leadership may decide to adjust the distribution of those funds.
   2. FMF funds are allowed to be paid out to the CB balance that is requesting the ATC, or to an approved representative of the CB.

6 - Clarity

1. It should be made clear that the DEC has control over the entirety of this program, and FINFA cannot make any legal codified decisions.
   1. FINFA is incorporated into this bill to ease the workload on the DEC, FINFA acts solely as an advisory and rating agency.
   2. FINFA’s role in this bill is akin to that of a filter, simply acting to ensure only real, processable, and legitimate ATC requests are sent to the DEC.
      1. FINFA does not possess the ability to pay out funds, but can merely advise and suggest to the DEC, as cited in this bill.
   3. FINFA’s composition, codes, and rules are cited in the bill, “The FDIP Act”, and can be referenced for clarity here.
      1. The same composition applies as in the FDIP act, and any amendments to that act, will pertain and affect all references to FINFA in this bill, and any others.

-Wetc Out

---

 

[Westray]

Presidential Assent

This bill has been granted assent and is hereby signed into law.