SENATE BILL: Fair Banking Act (Failed)

[President Tyrion]

I don't think a government check cashing service should have a charge applied, at all, but I figure such a position is entirely untenable.

Check cashing fees are disproportionate in the sense that they penalize the poor for accessing what little money they have, which is why I oppose it in the first place. I do understand that these financial services, however, cannot be processed for free.

[Southern Senator North Carolina Yankee]

Seeing no objection, Amendment 59:98 has been adopted.

[Southern Senator North Carolina Yankee]

So if we are done here, Matt can put this to a vote then?

[TNF]

If the Senate is finished with this, I am, too.

[🐒Gods of Prosperity🔱🐲💸]

We're not going to deal with the post office issue? 
Well, okay, I'm not voting for this anyways and it doesn't sound like the President has any intention of signing it.

[Fmr. Pres. Duke]

This bill has a lot of feel good things in it that simply are not practical in the real world. The Post Office bit can be salvaged into something workable that will not put them back into financial straits, which is what the current text would lead to, but forbidding credit card companies and others to charge transaction fees, ATM fees and the like will only put them in financial straits. Credit card companies make most of their revenue off fees, especially since Atlasia caps the interest rates they may charge consumers.

We could set a uniform ATM fee so one bank could not price set for all the others, but eliminating them entirely is will just encourage banks to stop using ATMs, and no one wants to go back in time. I'm for progress, not a return to the old days. Again, I understand what people want to do with this bill, but many are failing to understand the consequences of enacting such policies.

[Sec. of State Superique]

Do we cap interest rates since when?

[Fmr. Pres. Duke]

Do we cap interest rates since when?

I think Marokai and I established a max interest rate credit card companies could charge consumers back during his term. I could be wrong though.

[TNF]

This bill has a lot of feel good things in it that simply are not practical in the real world. The Post Office bit can be salvaged into something workable that will not put them back into financial straits, which is what the current text would lead to, but forbidding credit card companies and others to charge transaction fees, ATM fees and the like will only put them in financial straits. Credit card companies make most of their revenue off fees, especially since Atlasia caps the interest rates they may charge consumers.

We could set a uniform ATM fee so one bank could not price set for all the others, but eliminating them entirely is will just encourage banks to stop using ATMs, and no one wants to go back in time. I'm for progress, not a return to the old days. Again, I understand what people want to do with this bill, but many are failing to understand the consequences of enacting such policies.

I *really* don't think credit card companies are going to close up shop if we don't allow them to charge fees. There's just too much money to be made otherwise. And if they do, so what? This bill establishes a public alternative in the form of the Internal Express system. Why do we need credit cards when we can offer the public basic transactional credit?

[Fmr. Pres. Duke]

I don't want to be the cause of credit card companies going out of business because it will cost the jobs of thousands of Atlasians, nor do I want them to simply raise their initial charge to businesses to use their services because that will only be passed down to the consumer. That hurts the poor and lower classes most. We both don't want that.

The Internal Express is even worse. If we give out a "loan" to every person over the age of 18 with no interest rate and basically no punishment for failing to repay it, we not only drive up our deficit because the government will never break even on the loan, we also flood the market with free money which will drive up inflationary pressure, prices and hurt the lower and middle classes most. Neither of us want that, I am sure!

To answer your last question: because Atlasia is still about free enterprise and we are still a market based economy. I know you oppose that, and that's fine, I'm glad we have you to share your viewpoints, but I would much prefer private banks and private credit card companies over the government running that program. Even if the government did, the interest rate free model would drive us into bankruptcy. And I know neither of us want that either. See, at least we agree of those three things.

[TNF]

I'm willing to consider amendments with regard to interest rates.

[Sopranos Republican]

Senators, a final vote is now open. Please vote: AYE, NAY, or Abstain.

[Chancellor Tanterterg]

Nay

[Lumine]

Nay.

[Goldwater]

NAY

[DC Al Fine]

Nay

[🐒Gods of Prosperity🔱🐲💸]

NAY

[President Tyrion]

Aye

I would have supported a consensus version of this, but I suppose it wasn't in the cards.

[Southern Senator North Carolina Yankee]

NAY

Vote on Final Passage of the Fair Banking Act:

Aye (1): TyriontheImperialist
Nay (6): DC al Fine, Goldwater, Lumine, Mr. X, NC Yankee and shua
Abstain (0):

Didn't Vote (3): bore, Talleyrand and TNF

With six votes in the negative, 24 hours can be called for vote changes.

[TNF]

Aye for the record

I think the way the final vote went down is bullsh**t, by the way, since I said I was open to amendments. But if the Senate wants to pander to payday lenders, so be it.

[Fmr. Pres. Duke]

Well, this vote came along faster than I expected.

[TNF]

Well, this vote came along faster than I expected.

You're not the only one in that boat, Mr. President

[Sopranos Republican]

Senators, you have 24 hours to change your votes on this.

[bore]

Aye ftr

[Southern Senator North Carolina Yankee]

I think the way the final vote went down is bullsh**t, by the way, since I said I was open to amendments. But if the Senate wants to pander to payday lenders, so be it.

If you can compose and post an amendment text by tomorrow, I will cancel the vote.

The situation changed between the 10th and the 12th and the VP must have missed the resumption of debate after four days of silence.