First Bank of Liberalia Act
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First Bank of Liberalia Act is a Liberalian Law.
[edit] The Bill
Preamble: The purpose of this bill is to create a set of national banks and private banks for the benefit of every individual, every nation and Liberalia itself. Recognizing that the Government needs a place to store its reserves; the majority of the reserve will be put in a maximum security storage run by the First Bank of Liberalia at a privately disclosed location, in Bahia Esmeralda. The rest will be filtered out to Liberalia by putting many smaller amounts of reserve into private banks across Liberalia.
Clause 1: The First Bank of Liberalia will set up banks all across the region of Liberalia and outside the region, to help make a net national gain, and individual gain.
A. By setting up First Bank, we recognize its purpose is to loan money to people who need the money to start business and who need the money but don’t have it. As a bank works it pays intrest to those who deposit money there. The money deposited is loaned out to people who pay the bank even higher interest back, at later times
Clause 2: In the case that there is an economic recession, or a depression the government will protect the peoples money via(through) First Bank by its reserves. This function will be called the LNBA. Liberalian National Backing Association.
I. The LNBA will do the following:
A. Back every person who has money invested in banks up to 100,000 Libers. This could increase depending on the account and money-market account (higher investment accounts, count as bond funding and stock market accounts) you are in.
B. No person will be denied the ability to take out a loan but depending on the cause, certain banks may offer you limited amounts to take out.
C. If the bank can not satisfy your financial needs, if you pay a small one time fee the bank will show you the options and suggest to you the best option depending on the situation you are in.
D. One of the newest and greatest ideas that First Bank has introduced is a stock market investing account. This account will be open to everyone who wants to put their money in. If you have the money to use a higher stock market account you will have an assistant guiding you on what to invest and by shares in. If you cannot afford one there is a website that shows you the status of all companies, and their profits, which can be just as helpful most of the time. Note that this is a risk fund, and it is possible to lose money.
Clause 3: Revenues and profits of the bank, will then fund various activities and projects of Bahia Esmeralda. The Secretary of Finance will be in charge of the First Bank of Liberalia
