Bill: Rejected National Bank Act

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A
BILL
To

National Bank Act

The people of the Commonwealth of Redmont, through their elected Representatives and Senators 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 “National Bank Act”.
(2) This Act shall be enacted immediately upon its signage.
(3) Authored by HugeBob
(4) Co-Sponsored by Dusty_3, Rep. Mhadsher101,

2 - Reasons
(1) Private corporations have no business deciding the monetary policy of Redmont.

3 - Terms
(1) Any funds currently held by the Commonwealth Reserve Bank shall be seized by the Government.

(2) The “Commonwealth Reserve Act” (Act of Congress - Commonwealth Reserve Act) and all subsequent amendments shall be repealed.

(3) Any other references in law to the “Commonwealth Reserve Act”, “Commonwealth Reserve Bank”, “CRB”, and “FINFA” shall be repealed.

(4) The following powers are entrusted to the Department of Commerce and may be exercised with the approval of the President:
(a) Determining Redmont’s Monetary Policy.
(b) Determining Government interest rates for government loans, bonds, and other Government guaranteed securities.
(c) Determining universal contract structures for securities.
(d) Determining universal formats for securities.
(e) Strategically acquiring, holding, and disposing of property, items, and or commodities.
(f) Determining the reserve ratio for deposit taking institutions.
(g) Determining resource requirements for major government events
(i) I.e. Waging war will cost the Government 64 Iron Blocks per day.
(h) Accepting loans from private banks with an interest rate of less than or equal to 0%

(5) The following powers are entrusted to the Department of Commerce and may be exercised with the approval of the President and both chambers of Congress (these policies are proposed by the Department of Commerce and are therefore not bills, they may begin their Congressional approval process in either chamber and are not subject to a veto override):
(a) Minting, introducing, and distributing currency.
(b) Determining the starting balance of new players.
(c) Determining the reward rate for server voting.
(d) Determining Government wage bracket values.
(e) Accepting loans from private banks with an interest rate of more than 0%