SENATE BILL: Fair Banking Act (Failed)

[Southern Senator North Carolina Yankee]

This ends tomorrow.

[bore]

Aye

[TNF]

If this amendment fails, I have something cooked up that might resolve the bulk of our concerns here with regard to check cashing as a free service.

[Southern Senator North Carolina Yankee]

Vote on Amendment 59:86 by TNF:

Aye (4): bore, Talleyrand, TNF and TyrionthEImperialit
Nay (4): DC al Fine, Goldwater, NC Yankee and shua
Abstain (1): Mr. X

The vote is tied and shall be broken by the President.

[Chancellor Tanterterg]

Vote on Amendment 59:86 by TNF:

Aye (4): bore, Talleyrand, TNF and TyrionthEImperialit
Nay (4): DC al Fine, Goldwater, NC Yankee and shua
Abstain (1): Mr. X

The vote is tied and shall be broken by the President.

I admit that I don't have your years of Senate experience under my belt, but I believe the Vice-President breaks ties

[Southern Senator North Carolina Yankee]

Who happens to the be the "President of the Senate" as well. That is why they refer to the chair as "Mr. President" on C-Span, since the Senator presiding is standing in for the President of the Senate, which is Vice President Joe Biden (actually he is standing in for the PPT who is in turn standing in the for the VP, talk about apssing the buck).

But yes, I was rushing and left off vice.

[Southern Senator North Carolina Yankee]

Ah Matt?

[Sopranos Republican]

NAY

[Southern Senator North Carolina Yankee]

THe amendment has been defeated. You promised an alternative, TNF?

[TNF]

THe amendment has been defeated. You promised an alternative, TNF?

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I think this hits the possibility of services being retracted square on the head.

[President Tyrion]

Huh, that's an interesting use of the existing postal infrastructure.

[Southern Senator North Carolina Yankee]

What is the point of five when you have four?

[Southern Senator North Carolina Yankee]

If you create a system withotu fees, it will naturally outcompete those that charge them. There is no need to prohibit the charging of fees by everyone else.

[TNF]

If you create a system withotu fees, it will naturally outcompete those that charge them. There is no need to prohibit the charging of fees by everyone else.

Forgot to remove that section.

Though I don't mind keeping it, as it would effectively outlaw payday lenders.

[Southern Senator North Carolina Yankee]

Isn't there a more narrow way of accomplishing that though?

[TNF]

Isn't there a more narrow way of accomplishing that though?

I can always introduce an amendment removing Clause 5.

[Southern Senator North Carolina Yankee]

Isn't there a more narrow way of accomplishing that though?

I can always introduce an amendment removing Clause 5.

Since we haven't proceeded yet, I can always remove it now since you stated a desired to do so.

[Southern Senator North Carolina Yankee]

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Sponsor Feedback: Origination
Status: Senators have 24 hours to object.

[🐒Gods of Prosperity🔱🐲💸]

The post office is having trouble already with fulfilling its current duties, so if we do this we need to provide funding for it.

[TNF]

The post office is having trouble already with fulfilling its current duties, so if we do this we need to provide funding for it.

It's having trouble in Atlasia? I seem to remember legislation being passed when Marokai was in the Senate that addressed that. I wouldn't simply assume that the Postal Service was on rocky ground here as it is IRL.

[🐒Gods of Prosperity🔱🐲💸]

The post office is having trouble already with fulfilling its current duties, so if we do this we need to provide funding for it.

It's having trouble in Atlasia? I seem to remember legislation being passed when Marokai was in the Senate that addressed that. I wouldn't simply assume that the Postal Service was on rocky ground here as it is IRL.

That bill provided a loan that needs to be paid back in full within the decade, while reducing services and employee salaries and benefits, and setting up some commission to try to see how to stop the bleeding.  The post office is indeed under a lot of financial pressure.

[Fmr. Pres. Duke]

The post office is having trouble already with fulfilling its current duties, so if we do this we need to provide funding for it.

It's having trouble in Atlasia? I seem to remember legislation being passed when Marokai was in the Senate that addressed that. I wouldn't simply assume that the Postal Service was on rocky ground here as it is IRL.

That bill provided a loan that needs to be paid back in full within the decade, while reducing services and employee salaries and benefits, and setting up some commission to try to see how to stop the bleeding.  The post office is indeed under a lot of financial pressure.

Yep. Marokai and I's plan loaned them money while reducing their services and salaries/pensions.

I have no idea the state of the post office now, but expanding it into a free check cashing service may put even more strain on an organization that may still be in financial straits. But I have no way of knowing that at the moment. 

[Cincinnatus]

The Department of Internal Affairs completely opposes the proposition of an "Internal Express" card.  This is denoted as a "loan", but no interest is charged, and no effective detterents are in place to enforce payment.  Not only is their high potential for nonpayment on these "loans", but the actual implementation of this program will cost us a significant amount regardless of the imposed debt forgiveness.  If the Senator would like to either reduce taxes on targeted groups, or offer other incentives as an alternative, discussion is open.

Finally, regarding the point that seems to be receiving most debate, the role of the postal office.  This provision need not be added through the legislative process.  It is within my perview and ability to implement Postal Service policy.  However, the strain this would place on a recently defunct governmental department will be high.  I wouldn't neccessarily be opposed to offering check cashing at a rate that covers costs of implementation, for the record.

[TNF]

If we have to implement a fee to offer check cashing services, I suppose I can stomach it, so long as it isn't too exorbitant.

[Fmr. Pres. Duke]

The problem is, forbidding all these transaction fees from being charged will basically put smaller banks and some credit card companies out of business, especially since we have stricter laws on interest rates credit card companies charge in Atlasia than in the US. They have to charge fees to businesses to generate revenue. We could, perhaps, force them to charge a uniform fee rather than differing fees, but outlawing them is not economically feasible.

I also worry that, as Cinci said, handing out loans that will be forgiven with a super low interest rate is also just throwing money away. What incentive does a person have to pay back the loan if it will just be forgiven in 5 years anyway? People will migrate towards the cheapest possible outcome. That, and inflation becomes a concern when you're basically giving away free money.

Finally, we can allow post offices to cash checks, but they can't do it for free, or it would undo all the work Marokai and I did a year ago to save the agency from bankruptcy. Previously, we had to reduce services to save money and bring them back from the brink. We can't expand them again without bringing in additional revenue. I am fine making the fee maybe a break-even type deal, where they don't make more profit on the service, but we can't implement it if we are just going to bleed cash. Then it's RIP Post Office again.