Talk:Public Bond Act
Braughn F. G. Kryos OP
— 01/22/2024 10:13 PM
Tabled by Joe Fala, MGA, as an independent member's bill. The purpose of this act is to provide citizens with the opportunity to invest in government-issued bonds through an open market mechanism. This will allow citizens to contribute to the financing of public projects, infrastructure, and other governmental initiatives while fostering economic growth and financial inclusion. https://kodiak.wiki/wiki/Public_Bond_Act Voting is set for 30 January. The Kodiak Republic Wiki Public Bond Act ACTION by the General Assembly on ## MONTH ###. ## AYE, ## NAY, ## ABSTAIN. The purpose of this act is to provide citizens with the opportunity to invest in government-issued bonds through an open market mechanism. This will allow citizens to contribute to the financing of public projects, infrastructure, and other governmental initiatives while... Braughn F. G. Kryos OP
— 01/22/2024 10:13 PM
@Assembly Member, the proposal is now open for debate. Braughn F. G. Kryos OP
— 01/23/2024 2:49 PM
A few notes to make on this bill for the author. 3.1 Any citizen or legal entity meeting the eligibility criteria established by the government may participate in the open market for government bonds. 3.2. Eligibility criteria may include factors such as age, legal status, financial capacity, and any other criteria deemed necessary by the government to ensure responsible participation. I feel like this is an incredibly unnecessary stipulation to include. Why should the government be deciding who can and cannot purchase government bonds? Why not simply state "Any citizen or legal corporate entity within Kodiak may purchase government bonds"? Why does there need to be any sort of criterion for the purchasing of government bonds. Additionally, the inclusion of "any other criteria deemed necessary" is an excellent way to open the door to discrimination.
Why does Article 4 empower the government to create a regulatory authority rather than simply creating the regulatory authority outright?
Does not Article 6 entirely defeat the purpose of issuing government bonds in the first place? If the goal is to increase government income, how would tax exemptions help? That seems like a rather counter-productive article to include. Additionally, there is already not enough taxation considerations for the wealthy, most of whom keep their wealth in investments rather than in cash or gain it through income. Why would we provide those already taking advantage of the tax situation with yet another government-sanctioned tax evasion box?
7.3. Any existing laws or regulations inconsistent with the provisions of this act shall be amended accordingly. From a legal perspective, I do not believe that this can be included in the legislation without explicitly amending any current legislation that is considered "inconsistent". @Eðward Staples 🧀 (Mengtian), care to weigh in? Wayhe — 01/23/2024 2:53 PM I agree with what is said there, if this is supposed to have elements of the "free" market, then I think government should have less control over it. It really only takes one sociopath in a high position to ruin this entire system. Braughn F. G. Kryos OP
— 01/23/2024 2:54 PM
Well, that's certainly not the argument I've made. Wayhe — 01/23/2024 2:55 PM No, I'm simply adding my own Braughn F. G. Kryos OP
— 01/23/2024 2:55 PM
I see. That makes more sense, then. Liam Harrison [KWP] — 01/23/2024 5:08 PM I agree with Mr. Kryos' criticisms, and I would also like to posit the addition of a minimum bond size (perhaps 1,000 Florins?), as smaller investments may incur administrative costs that are proportionally excessive. Urisko [KWP] — 01/23/2024 10:54 PM From a national setting, taxes should be sufficient for "government projects," as the government finds its means to pursue expansion and addition of departments or organizations to further the nation's aims. Only in national emergencies should bonds be considered, such as war bonds. On a state or local level, perhaps bonds, through the purchase from a bank, are a way to support more local ventures that the federal government shouldn't distract itself over giving more autonomy to those local needs.
As this bill stands, it presents possibilities of abuse, corruption or "only for the rich" by proxy as lower incomes may not have interest or cash flow to participate. Allowing tax incentives could be abused by the upper incomes and there may be too much room for lobbying because "so-and-so" paid millions to get favors. Why not the incentive simply be, "If you want this present in your area, then contribute. Otherwise, you may not get it?" This could also be a democratic way to "vote" that you are in favor of this project by buying into the project. If the project does not meet its financial needs or is clearly not popular, you can either give permission for it to be used in another project if there can be one provided, be willing to donate the money to a general government fund, or get a full refund. If this kind of exchange seems messy, then until the project is official, you can pledge an amount. Braughn F. G. Kryos OP
— 01/24/2024 5:35 AM
Money has no place in politics, at least not like this. It only complicates, confuses, and corrupts the true meaning of democracy. This bill, as my esteemed friend points out, does nothing but provoke more of the same. Dr Edmund Cosmo Maltravers Jr — 01/24/2024 5:38 AM Mr President,
I know little about economics ((as in OOC, economic complexities aren't my strong point)), however I am not entirely sure about this bill, as those more knowledgeable than myself have hitherto said, there are immense issues. Although, I would like to know what the Author wishes to achieve with this bill overall other than what was stated by the President at the start of the debate? John Edwards [KWP] — 01/24/2024 5:30 PM Whilst I applaud the author for seeking ways to boost revenue, this is, in practice, a political donations scheme and gives corporate entities the ability to leverage government influence in return for purchasing bonds. Braughn F. G. Kryos OP
— 01/28/2024 3:55 PM
I call on the author, @Faralana (Joe Fala, DPPK), to respond to the questions put forth in this debate. I am delaying the vote 48 hours for this reason. I will also call all @Assembly Members back to this debate. Faralana (Joe Fala, DPPK) — 01/28/2024 6:04 PM I'm sorry for not being available, busy week back at home. But I am here now to answer questions (OOC Yeah, it was a busy week for me) Faralana (Joe Fala, DPPK) — 01/28/2024 6:13 PM I would like the chance to make this debate on the stage on what this bill tries to address.
A lot of citizens around our country are not invested in out stock market or eather understand how it works in the first place. When we give bonds out, the Treasury, local government give them as sort of a loan as overtime the government pays it back. The bonds are how we pay for building public works projects like for airports and roads. But because the initials that buy government bonds are banks around the country. the way that people really see this money is how their bank accounts get a little money back for being a member.
How banks work is that when you put money in it. Lets say you put 1000 Florins in cash in it. The bank may only keep 10% of your money in the bank at the time and the rest of the money is used to give loans to buesnesses or for people to buy morgages or for goverment bonds. The bank kinda acts like a middle man as people can't really invest in Government bonds directly. So when projects that cities want to build are requreing government bonds to pay for it. The city is slowly paying it back overtime with an interest rate and people constantly say that cities are paying billionaires back for these bonds.
This act was my attempt to try and open the market for the average individual and make it easier for them to be involved and also to hold on to an asset that could pay back in the long-term. Braughn F. G. Kryos OP
— 01/28/2024 8:54 PM
While I appreciate the response from the author, I believe the concerns of the assembly are not over the function of bonds. The argument is not that bonds should not be issued, but rather the manner in which your system would operate is inherently dangerous, potentially discriminatory, almost purposefully pointless, and open to rampant corruption. Braughn F. G. Kryos
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— 01/29/2024 5:29 PM
— 01/30/2024 5:56 PM
Question Does the General Assembly approve of the Public Bond Act?
Choices 🇦 Aye 🇧 Nay 🇨 Abstain
Final Result 🇦 ▓▓░░░░░░░░ [3 • 19%] 🇧 ▓▓▓▓▓▓▓▓░░ [12 • 75%] 🇨 ▓░░░░░░░░░ [1 • 6%] 16 users voted
- alarm_clock: Poll already ended (4 hours ago)
- spy: Anonymous Poll
- one: allowed choice
- lock: No other votes allowed
Allowed roles: @Assembly Member Poll ID: 13d2b99c Braughn F. G. Kryos OP
— 01/30/2024 5:56 PM
@Assembly Member, voting for this bill is now open and will remain open for 72 hours. Braughn F. G. Kryos OP
— Today at 10:20 PM
With 3 ayes, 12 nays, and 1 abstain, the Public Bond Act is declared rejected by the General Assembly. This debate will be archived shortly.