LC 2.34 Young Traders Act (Tabled)

[Former President tack50]

Young Traders Act

Opening a limited stock market to the youth.

Section I:Actions now Allowed
A. Age Lowering
    i. The minimum age to open a special youth stock market account shall be lowered to 16.
    ii. Nothing stated above may prevent private brokers from setting their own age restriction stated it is above the age of 16.
   iii. Stated youth stock market account will not have full function of the market and will be only be allowed to purchase and sell the top 500 companies in market cap at the date of purchase of the stock.
  iv. Brokers will not be held responsible for any losses due to trades
  V. Brokers may not give special options that increases risk such as selling on margin or selling short.

Sponsor: lfromnj

Debate time for this bill has started and shall last for no less than 72 hours

[S019]

Not comfortable allowing people under 18 to trade ithe stock market


I will oppose the bill, unless this is fixed

[Pyro]

If you're under 18 you are considered a minor and would therefore need to have a custodial account opened by a parent or guardian. I see no reason as to why this is unacceptable. I'd be interested to hear from Councilor Lfromnj as to the necessity of this change.

[lfromnj]

If you're under 18 you are considered a minor and would therefore need to have a custodial account opened by a parent or guardian. I see no reason as to why this is unacceptable. I'd be interested to hear from Councilor Lfromnj as to the necessity of this change.

This changes the need for the custodial account.

Custodial accounts can be opened by parents too which means malicious parents can scam their children.

[Former President tack50]

While I am in favour of minors having bank accounts, and I might even support minors having access to the stock market, we should put some limitations and restrictions that act as "training wheels" in a bycycle.

Maybe only allow up to X$ (500$?) on said account or somehow mitigating the amount of risk? If done badly this could have effects comparable to gambling with minors putting all in and getting nothing in return (the rise of gambling in recient years is particularly worrying to me)

[Former President tack50]

Does someone have anything else to say on this?

[Pyro]

Does someone have anything else to say on this?

The House passed a nearly identical bill to this on Friday.
I see no reason to press ahead until we see the Senate results.

[lfromnj]

Does someone have anything else to say on this?

The House passed a nearly identical bill to this on Friday.
I see no reason to press ahead until we see the Senate results.

Yeah I agree, just table it to free up a slot.

[Pyro]

I put forward a motion to table.

[Former President tack50]

Councillors, a vote to table this bill is now open

Please vote AYE, NAY or Abstain
This vote shall last for 48 hours or until all Councillors have voted

[PSOL]

Aye

[Former President tack50]

Edit:

Switching my vote to Nay. We should debate this for a bit longer.

[S019]

Abstain, we haven’t debated this much, but it doesn’t serve much of a purpose, if the House passed a similar bill

[lfromnj]

Aye. We can bring it back later if we wish.

[Pyro]

Aye

[Zaybay]

Abstain

[Former President tack50]

The vote to table this bill is now closed

Aye: 3 (PSOL, lfromnj, Pyro)
Abstain: 3 (thr33, SNJC, Zaybay)
Nay: 1 (tack50)
Not voting: 1 (Dipper Josh)

So this bill has been tabled

[Former President tack50]

Important notice

Chancellor Pyro has informed me that today is not a sitting day for the Council. So in other words, this tabling vote is still open.

The vote will be formally closed on the 5th of July and not the 4th.

[Pyro]

Now, the vote to table this bill is closed.

Aye: 3 (PSOL, lfromnj, Pyro)
Abstain: 3 (thr33, SNJC, Zaybay)
Nay: 1 (tack50)
Not voting: 1 (Dipper Josh)

The legislation has been tabled.