Sovereign Wealth Fund Creation Act: Difference between revisions
From The Kodiak Republic Wiki
Content added Content deleted
DankoBanko1 (talk | contribs) (Drafted up a bill creating a Sovereign Wealth Fund) |
DankoBanko1 (talk | contribs) |
||
| Line 8: | Line 8: | ||
=== Article 3: Operations & Management === |
=== Article 3: Operations & Management === |
||
3.1 - The Mineral Fund will be jointly operated by the Ministry of Revenue & |
3.1 - The Mineral Fund will be jointly operated by the Ministry of Revenue & Treasury and the Central Bank. The Central Bank is responsible for investing the money from the fund and choosing what to invest in. The Ministry of Revenue & Treasury is responsible for depositing money into the fund and withdrawing money from it. |
||
3.2 - In accordance with Article 4, the Central Bank and the Ministry of Revenue & |
3.2 - In accordance with Article 4, the Central Bank and the Ministry of Revenue & Treasury can '''jointly''' add more companies, industries, or countries onto the list defined in 4.2 for ethical malpractice or extreme instability or volatility. |
||
=== Article 4: Restrictions & Regulations === |
=== Article 4: Restrictions & Regulations === |
||
| Line 17: | Line 17: | ||
4.2 - The fund '''can''' '''not''' invest in defense companies, mining & oil drilling companies, and energy companies with more than 30% of their sales being in energy made from consuming fossil fuels. |
4.2 - The fund '''can''' '''not''' invest in defense companies, mining & oil drilling companies, and energy companies with more than 30% of their sales being in energy made from consuming fossil fuels. |
||
4.3 - As a baseline, the Ministry of Revenue & |
4.3 - As a baseline, the Ministry of Revenue & Treasury can only withdraw a maximum of 4% of the fund’s total value every fiscal year. This value can be decreased by collective agreement between Minister of Revenue & Treasury and the Central Bank; it can be increased by collective agreement between the Chancellor, Minister of Revenue & Treasury, and the Central Bank. It can be increased up to 6.5% in times of economic crises or decreased down to 1.5% in times of economic prosperity. |
||
