HOUSE BILL: The Currency of Atlasia Act (Passed - Sent to VP/PPT)

[Southern Senator North Carolina Yankee]

You must be logged in to read this quote.

Atlasian People's House of Representatives
Pending
[/quote]

Sponsor: OneJ

[Southern Senator North Carolina Yankee]

The sponsor has 24 hours to commence an advocacy for this.


All other members have a subsequent 48 hours post initial comments and questions.

[OneJ]

Thank you.

It is my duty to introduce to y'all this bill which officially establishes a currency system within the Republic of Atlasia in order for citizens to engage in everyday actions.

[Classic Conservative]

Who is currently on our money?

[Mr. Reactionary]

Whats it minted out of/printed on?

[Dereich]

My main objection is that this limits the ability of the federal reserve to print higher notes should future inflation require higher notes. I guess they could appeal to the legislature, but we'd almost certainly move slower than financially optimal.

The only other quibbles I can think of are that this kills the $2 bill (which is a thing), and that this takes away the power to make $1 coins.

[Clyde1998]

First off, I'd like to propose this amendment:

You must be logged in to read this quote.

Polymer banknotes are cleaner, safer and more durable than paper notes and I feel that this opportunity should be used to move Atlasia towards the polymer banknotes. I've added a clause that will allow for current dollar bills to remain legal tender for two years following this bill going into affect to allow for the transition to occur.

I echo the concerns raised by Dereich about limiting the federal reserve the ability to print higher domination banknotes, should it be required in the future. Although, I recognise that this bill could be amended to allow for that to happen.

[Barnes]

The Bureau of Engraving and Printing is responsible for paper currency and the United States Mint for all coinage. Incidentally, the Federal Reserve has nothing to do with the process.

Anyway, could I just add as an observer that legislation which is so specific in this vein is rather unworkable. Much better, in my opinion, to leave the decisions on denominations to the respective agencies, and if the Congress wishes to institute a commemorative coinage series for example, that could easily be done through legislation.

[Dereich]

The Bureau of Engraving and Printing is responsible for paper currency and the United States Mint for all coinage. Incidentally, the Federal Reserve has nothing to do with the process.

Anyway, could I just add as an observer that legislation which is so specific in this vein is rather unworkable. Much better, in my opinion, to leave the decisions on denominations to the respective agencies, and if the Congress wishes to institute a commemorative coinage series for example, that could easily be done through legislation.

Whoops, my mistake. Still doesn't change the inflation concerns though; we wouldn't want something like this to happen.

[Southern Senator North Carolina Yankee]

"Cleaner", "safer" and "more durable"?


Those are nice qualities, but what is the cost of the polymer versus the current material?

[Clyde1998]

"Cleaner", "safer" and "more durable"?


Those are nice qualities, but what is the cost of the polymer versus the current material?

The Bank of England have spent £24m on producing 275m £5 banknotes since introducing polymer notes last October, or 9 pence per note (approx 12 cents). This is apparently 50% higher than the previous materials, but they have a longer shelf life. The Bank of England predict that moving to polymer notes will save them £100m over ten years, due to them being more durable than the previous paper notes.

[Southern Senator North Carolina Yankee]

I need sponsors feedback!!!!

[Leinad]

I'll remind everyone of a related bill by Pingvin back shortly after the reset:

You must be logged in to read this quote.

[OneJ]

My main objection is that this limits the ability of the federal reserve to print higher notes should future inflation require higher notes. I guess they could appeal to the legislature, but we'd almost certainly move slower than financially optimal.

The only other quibbles I can think of are that this kills the $2 bill (which is a thing), and that this takes away the power to make $1 coins.

Sorry about that everyone I couldn't get to you all sooner.

The bill originally written is the baseline and I should've added that some other forms of currency could be produced as well if the federal reserve requests to do so.

[OneJ]

First off, I'd like to propose this amendment:

You must be logged in to read this quote.

Polymer banknotes are cleaner, safer and more durable than paper notes and I feel that this opportunity should be used to move Atlasia towards the polymer banknotes. I've added a clause that will allow for current dollar bills to remain legal tender for two years following this bill going into affect to allow for the transition to occur.

I echo the concerns raised by Dereich about limiting the federal reserve the ability to print higher domination banknotes, should it be required in the future. Although, I recognise that this bill could be amended to allow for that to happen.

Clyde's amendment receives friendly feedback from me.

[Barnes]

The Bureau of Engraving and Printing is responsible for paper currency and the United States Mint for all coinage. Incidentally, the Federal Reserve has nothing to do with the process.

Anyway, could I just add as an observer that legislation which is so specific in this vein is rather unworkable. Much better, in my opinion, to leave the decisions on denominations to the respective agencies, and if the Congress wishes to institute a commemorative coinage series for example, that could easily be done through legislation.

Whoops, my mistake. Still doesn't change the inflation concerns though; we wouldn't want something like this to happen.

It doesn't really matter, but I thought I'd share a factoid! You're absolutely right, of course, that the Federal Reserve controls and influences the flow of money in the money market.

[Southern Senator North Carolina Yankee]

You must be logged in to read this quote.

Sponsor Feedback: Friendly
Status: Representatives have 24 hours to object.

[Pessimistic Antineutrino]

Love the idea of polymer banknotes - aside from the longer shelf life it would definitely make counterfeiting much more difficult.

That aside, this bill needs to allow for more flexibility as Dereich mentioned. I think there should be a provision that allows the BEP to print and coin other denominations than those listed here at their own discretion. Having the legislature amend the bill every time we want to add a 50¢ coin or $2 bill would just make it cumbersome.

[Dereich]

Love the idea of polymer banknotes - aside from the longer shelf life it would definitely make counterfeiting much more difficult.

That aside, this bill needs to allow for more flexibility as Dereich mentioned. I think there should be a provision that allows the BEP to print and coin other denominations than those listed here at their own discretion. Having the legislature amend the bill every time we want to add a 50¢ coin or $2 bill would just make it cumbersome.

Perhaps we could have the best of both worlds; the BEP is allowed to do runs of other denominations, but these must be limited in duration without legislative approval. I suppose it'd be like the effect of the War Powers Act on presidential ability to wage war. In general, they'd be limited to the denominations in the statute  but would have some flexibility for unexpected problems or some anniversary that called for another denomination.

[OneJ]

Love the idea of polymer banknotes - aside from the longer shelf life it would definitely make counterfeiting much more difficult.

That aside, this bill needs to allow for more flexibility as Dereich mentioned. I think there should be a provision that allows the BEP to print and coin other denominations than those listed here at their own discretion. Having the legislature amend the bill every time we want to add a 50¢ coin or $2 bill would just make it cumbersome.

Perhaps we could have the best of both worlds; the BEP is allowed to do runs of other denominations, but these must be limited in duration without legislative approval. I suppose it'd be like the effect of the War Powers Act on presidential ability to wage war. In general, they'd be limited to the denominations in the statute  but would have some flexibility for unexpected problems or some anniversary that called for another denomination.

Ah, okay. I do indeed see now that clarification of the BEP being allowed to add other denominations if they feel the need to do so should be added in an effort for more flexibility and better understanding.

[OneJ]

I propose the following amendment as the previous one had no objection:

You must be logged in to read this quote.

[Southern Senator North Carolina Yankee]

Amendment H6:04 by Clyde has been adopted.

[Southern Senator North Carolina Yankee]

You must be logged in to read this quote.

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

[JustinTimeCuber]

Talk about government waste. We could save hundreds of millions of dollars every year by removing pennies and nickels from circulation.

[Southern Senator North Carolina Yankee]

Amendment H6:05 has been adopted.