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A
BILL
TO
reorganize the functions and responsibilities of the RBA into the MoTF
BILL
TO
reorganize the functions and responsibilities of the RBA into the MoTF
1 - About this Act
(1) This Act
(a) may be cited as the ‘RBA Replacement Act’.
(b) may be numbered as P.B.03-029.
(c) shall be enacted immediately upon its signage.
(d) has been authored by Deputy Prime Minister SeminoBlue.
(e) has been co-sponsored by Minister of Internal Affairs ConsequencesInc
2 - Repeals
(1) The Royal Bank Act is hereby repealed.
(2) The RBA Clarification Act is hereby repealed.
3 - Establishment of the Monetary Bureau
(1) In the Ministry of Trade and Finance the Monetary Bureau shall be established.
(2) The task of the Monetary Bureau is to watch over and control monetary policy to ensure economic growth and stability inside the Nation of Alexandria.
(3) To achieve that the Monetary Bureau is granted the following powers:
(a) To print and delete Alexandrian currency as the Monetary Bureau deems necessary.
(i) Printed currency can only be transferred into the SCGovernment account.
(ii) Only currency in the SCGovernment account can be deleted.
(iii) Every action that prints or deletes Alexandrian currency has to be done with a reasoning that is put forth towards the MoTF, which then can be viewed by the broader public.
(b) To give out loans to various businesses and Financial Institutions. The Terms and Conditions of these loans are determined between the Monetary Bureau and the other entity.
(i) Loans must be given out of the GovCommerce account and the repayment of these loans must be paid back into the GovCommerce account.
(ii) Loans must be approved by both the Secretary of Monetary Policy and the Minister of Trade and Finance.
(c) To give out Financial Organization and Monetary Omnibus (FOMO) Bonds, as per the FOMO Act.
(i) The earned capital of these bonds will be transferred into the GovCommerce account. Interest that is cashed out in currency will be taken from the GovCommerce account.
(ii) Issuing a class of bonds must be approved by both the Secretary of Monetary Policy and the Minister of Trade and Finance.
(iii) The management of these bonds will be shared between the Monetary Bureau and the Minister of Trade and Finance.
(4) All actions undertaken by the Monetary Bureau are done through the approval of the Secretary of Monetary Policy. Monetary Officers, for example, are not allowed to act on their own unless they’ve individually earned the required approval from the Secretary of Monetary Policy.
(5) The Secretary of Monetary Policy carries the full responsibility for the actions undertaken by the Monetary Bureau and their consequences.
4 - Structure of the Monetary Bureau
(1) The Monetary Bureau shall primarily be represented by the Secretary of Monetary Policy.
(2) The Secretary of Monetary Policy will lead and guide the Department to ensure continued operational function. The Minister of Trade and Finance may advise the Secretary of Monetary Policy, for the sake of political independence though, they may not command them.
(a) The Secretary of Monetary Policy will watch over and guide the other employees inside the Monetary Bureau.
(b) The Secretary of Monetary Policy is independent from the other Departments inside the Ministry of Trade and Finance. They are solely responsible for the Monetary Bureau.
(c) The Secretary of Monetary Policy is nominated by the Minister of Trade and Finance and has to be confirmed by parliament through a two-thirds supermajority. If the first nomination by the Minister of Trade and Finance fails to reach the two-thirds supermajority other members of parliament may nominate a candidate for the position.
(d) The Secretary of Monetary Policy may be removed through a motion to remove, which has to achieve a simple majority. They may not simply be fired by the Minister of Trade and Finance. Removement must contain a reason such as but not limited to serious misconduct, continued failure to fulfill their duties, provable corruption and further reasons likewise.
(e) After serving four months in the Monetary Bureau the Secretary of Monetary Policy is bound to a reconfirmation by parliament, which requires a simple majority. If the reconfirmation fails to reach a simple majority the serving Secretary of Monetary Policy must step down and a new nomination to the position must happen. If the reconfirmation succeeds the current Secretary of Monetary Policy will keep serving until the next reconfirmation is necessary after the next four months.
(f) In dire circumstances the office of Secretary of Monetary Policy and its functions may temporarily be merged into the office of Minister of Trade and Finance to ensure an efficient and quick course of action against economic threats towards the nation of Alexandria and its citizens. This procedure must be approved by parliament through a three-quarter supermajority and may be reversed by a simple majority.
(3) The Secretary of Monetary Policy has the power to elect the citizens that want to serve in the Monetary Bureau. These citizens become Monetary Officers. They answer to the Secretary of Monetary Policy, not the Minister of Trade and Finance.
(a) Monetary Officers are responsible for discussing actions about monetary policy such as but not limited to printing and deleting Alexandrian currency, discussing loan offers, discussing the setting of the ABR and the MHE.They can execute actions if they earned the required approval by the Secretary of Monetary Policy.
(b) A Monetary Officer is not allowed to hold any other position in the MoTF.
(c) A Monetary Officer may be removed by the Secretary of Monetary Policy or by parliament through a simple majority.
5 - Responsibilities of the Monetary Bureau
(1) The Monetary Bureau shall additionally administer the following responsibilities:.
(a) To establish and set the Alexandrian Base Rate (ABR) as the underlying primary interest rate for any loans that the Monetary Bureau may give out.
(b) To establish and set a foreign exchange rate to DC dollars, as determined by a secret breadbasket of select trade goods held in common between the two economies, to prevent monetary manipulation and encourage good faith international exchange.
(c) To establish and set a Mine Hour Equivalent (MHE), which estimates the equivalent of 1 hour of collecting or gathering certain resources, to help with foreign exchange rate calculation.
(d) To assist in establishing customs enforcement and international trade facilitation in cooperation with the MoTF and MoFA.
(e) To dutifully monitor international exchange in cooperation with the MoTF of goods, services and currency, and, if necessary, temporarily suspend international exchange in times when the market is actively being manipulated by bad actors.
6 - Amendments to the Royal Deposit Insurance Program Act
(1) Section 4 of the Royal Deposit Insurance Program Act shall be amended in the following manner:
“4 - Royal Deposit Insurance Program
…
(2) Every depository institution which does business within the Kingdom of Alexandria shall pay a depositors’ insurance premium into the RDIF in the amount of 5% of their reserve requirement as determined by the Royal Bank of Alexandria Monetary Bureau.
(3) The RDIP shall insure all depositors’ funds in any depository institution, no lower than £10,000 per depositor, and no higher than a rate which the Royal Bank of Alexandria Monetary Bureau shall set.
(4)...”
7 - Changes to this Act
(1) Any amendments to this Act or a repeal shall require a two-thirds supermajority in parliament.
8 - Severability
(1) The provisions of this act are severable. Should one part of it be declared unconstitutional, it shall not affect the parts which remain.