Financial Services Regulation Bill (Law'd Wiki'd and Gathering Dust)

[minionofmidas]

Financial Services Regulation Bill

1. The Gramm-Leach-Bliley Act is hereby repealed.


Sponsor: Al

[minionofmidas]

Amendment to replace text with...

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This is essentially what Afleitch proposed in the other thread (which I encourage all Senators to read), except that I'm not sure why he has all these duties with the AG. The former duties of the Secretary of the Treasury, such as there were(n't), were given to the President when the Secretary of the Treasury was abolished. Hence why I changed all the references to the AG over to the President.

[minionofmidas]

Yes.

I didn't open the vote yet.

[minionofmidas]

Someone write it up and propose it as an amendment. I'm sufficiently capable to understand what Afleitch's bill does and that I support it, but not capable enough for that.

[minionofmidas]

Someone write it up and propose it as an amendment. I'm sufficiently capable to understand what Afleitch's bill does and that I support it, but not capable enough for that.

Shouts from the gallery

The bill is designed in such a way that federal government moves to protect savings and savers as opposed to specific financial institutions themselves. It's not a 'bailout' bill.

Yes, I know that. As I said, I understand the amendment I introduced.

I don't think it's impossible to have a bailout/guarantee/whatever at the same time, though. Whether I would necessarily vote for one is another matter.

[minionofmidas]

wait, does Atlasia need a bailout? Clearly we aren't as stupid as the Bush administration. The differences that we have on policy would not lead to the same result.

This is a question that we would indeed need a GM for. The Bush administration has nothing to do with it - the banking network has little respect for international boundaries, and several European banks have fallen, or would have fallen on a free market, in the recent crisis. If there are any Atlasian banks beyond the Central Bank (I'm pretty sure we have that. We fantasy print our own currency. There's statute on what it looks like, although it seems no one got around to designing them.) it is perfectly realistic to assume that some of them might be in trouble right now.
As to being as stupid as the Bush administration - sadly, I must surmise that at the time of peak GMmy activity in Atlasia, GMs and Senators were even stupider than the Bush administration, and stupid in much the same ways that the Bush administration is, ie mistaking their own little dumb prejudices for reality. [/End of rant]
So yeah. A bailout bill without details on who and what is being bailed out exactly is unworkable; I came to that conclusion thinking this over early today morning.

FDIC: Yeah. As Sensei said, we have an FDIC, and the same laws on it that the US had four years ago.

[minionofmidas]

The vote is on my amendment. Please vote aye, nay or abstain.

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Aye.

[minionofmidas]

This amenment has passed.

Vote count: Aye 7 (Lewis, Al, Verily, Bacon, Jas, Culture, Torie)
Nay 0
abstain (voted) 0
abstain (did not vote) 3 (Sensei, Dwtl, Meeker)

[minionofmidas]

Debate having halted for more than 24 hours, we move to a final vote.

Please vote aye, nay or abstain.

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Aye.

[minionofmidas]

Vote count:

Aye 5 (Lewis, Al, Jas, Torie, Bacon)
Nay 0
abstain (voted) 0
abstain (yet to vote) 5 (Meeker, Verily, Sensei, Dwtl, Culture)

[minionofmidas]

This bill has enough votes to pass. As it is unanimous, there is no 24 hour waiting period. It is presented to the President for his signature or veto.

Final Vote Count
Aye 7 (Lewis, Al, Jas, Torie, Bacon, Verily, Culture)
Nay 0
abstain (voted) 0
abstain (did not vote) 3 (Meeker, Sensei, Dwtl)