Post by TheJohnson on Jun 24, 2014 17:20:43 GMT -5
Charter of the Interstate Financial Compact
Preamble:
It being found necessary and just for these undersigned states to come together out of cooperation and liberty to help further the financial promise of all those states undersigned, to secure the financial futures of their citizenry, and ensure the freedom and independence of their individual states, hereby enter into this compact with the goal of ensuring financial security and strength without damaging freedoms and liberties.
Article 1: Membership
1. The undersigned agree that to further the economic prosperity of the compact and those involved it may be necessary to expand the membership of the banking compact beyond its original signatories. A new state may apply for membership in the Banking Compact if 2/3rds of the Governor's of states currently with membership of the Compact
2. If a state is approved by 2/3rds of the Governor's of membership states it must then legally pass the banking compact through its own state legislature in proper regards to the law and the constitution
Article 2: Provisions of the Compact
1. The undersigned states will legally establish at least one Compact sponsored bank within their state, this bank shall follow the following provisions, the headquartered bank of the Compact is to be built in Charleston, South Carolina
A. The banks will give out bank loans to citizens of participating states at a rate of 4.5%, though that rate is subject to change by the banking regulatory committee
B. The banks will accept deposits from citizens of participating states with interest rates of 3%, though that rate is subject to change by the banking regulatory committee
C. The banks will be backed by a special fund set aside for that purpose by each state, the fund will be pooled to provide stability of finances for each state in the compact, each state will appropriate $100,000 for every electoral vote that state has
Article 3: Banking Regulatory Committee
1. The Banking Regulatory Committee is to be established to oversee the regulatory and management of the bank
2. The Banking Regulatory Committee is to consist of two individuals from each member state selected by the state legislature
3. The Banking Regulatory Committee is to select a Chair, the chair is to have the power to call assemblies of the committee, veto committee decisions, and appoint committee members to fill vacancies in emergencies.
A. The Chair's veto may be overridden by a 3/5ths majority vote of the committee members
B. The Chair may appoint a Vice-Chair who must be approved by a majority vote of committee members, the vice chair will be called to break tie votes should one arise
Preamble:
It being found necessary and just for these undersigned states to come together out of cooperation and liberty to help further the financial promise of all those states undersigned, to secure the financial futures of their citizenry, and ensure the freedom and independence of their individual states, hereby enter into this compact with the goal of ensuring financial security and strength without damaging freedoms and liberties.
Article 1: Membership
1. The undersigned agree that to further the economic prosperity of the compact and those involved it may be necessary to expand the membership of the banking compact beyond its original signatories. A new state may apply for membership in the Banking Compact if 2/3rds of the Governor's of states currently with membership of the Compact
2. If a state is approved by 2/3rds of the Governor's of membership states it must then legally pass the banking compact through its own state legislature in proper regards to the law and the constitution
Article 2: Provisions of the Compact
1. The undersigned states will legally establish at least one Compact sponsored bank within their state, this bank shall follow the following provisions, the headquartered bank of the Compact is to be built in Charleston, South Carolina
A. The banks will give out bank loans to citizens of participating states at a rate of 4.5%, though that rate is subject to change by the banking regulatory committee
B. The banks will accept deposits from citizens of participating states with interest rates of 3%, though that rate is subject to change by the banking regulatory committee
C. The banks will be backed by a special fund set aside for that purpose by each state, the fund will be pooled to provide stability of finances for each state in the compact, each state will appropriate $100,000 for every electoral vote that state has
Article 3: Banking Regulatory Committee
1. The Banking Regulatory Committee is to be established to oversee the regulatory and management of the bank
2. The Banking Regulatory Committee is to consist of two individuals from each member state selected by the state legislature
3. The Banking Regulatory Committee is to select a Chair, the chair is to have the power to call assemblies of the committee, veto committee decisions, and appoint committee members to fill vacancies in emergencies.
A. The Chair's veto may be overridden by a 3/5ths majority vote of the committee members
B. The Chair may appoint a Vice-Chair who must be approved by a majority vote of committee members, the vice chair will be called to break tie votes should one arise
