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

[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?

[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

[Former President tack50]

Edit:

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

[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.