SB 107-20: Andrew Jackson Memorial Bank-Killing Act (Rejected)

[WD]

ANDREW JACKSON MEMORIAL BANK-KILLING ACT

1. Section 85 of the National Banking Act (NBA) 12 USC §85, which permits federally charter banks to charge interest rates in States and Regions in excess of State or Regional interest rate caps, is hereby repealed. This Act shall take effect sixty (60) days after being ratified.

Sponsor: MB

The gentleman from Oregon is recognized.

[S019]

This seems silly honestly, higher interest rates may be needed on some loans, also interest rate caps are incredibly dumb. Not to mention this could probably be abused to block the power of the Fed to raise rates when it is needed to combat inflation.

[Deep Dixieland Senator, Muad'dib (OSR MSR)]

This seems silly honestly, higher interest rates may be needed on some loans, also interest rate caps are incredibly dumb. Not to mention this could probably be abused to block the power of the Fed to raise rates when it is needed to combat inflation.

Ok NeoLib

[Mr. Reactionary]

I'll hold my rebuttal to S019's tears until the right honorable gentleman from Oregon, whom the Floor Leader has recognized, speaks first.

[Dr. MB]

This is definitely Mr. R's area of expertise more than mine but it's pretty straightforward - removing the ability of the central bank to charge interest rates greater than caps placed upon them by regional (or state) governments. This would curtail the Federal Reserve's power to charge undue rates when the regions have placed caps on them.

[Mr. Reactionary]

So States have always retained the power to curb the excesses of the money lenders through general intetest rate caps. This is based on the power of States to protect the health, safety, and morals of the public in contract subject matter. All States have some level on interest rate cap.

There is however a pernicious provision of federal law that exempts certain federally chartered banks from State interest rate caps by allowing such banks to swap in interest rates from other States it has branches in. This is a direct endrun around usury laws and provides a clear competitive advantage to big banks over little banks to the detriment of consumers.

We in the South have just harmonized the usury laws throughout our region to best protect our people from predatory and immoral interest rates. Federal law however greatly undermines our protections by allowing big banks to preempt our Regional caps. With this bill we merely ask our friends in Nyman to uphold the Truman Doctrine and protect the rights of the Regional governments to make the best decisions for their peoples, free from federal interferrence on behalf of the brown red alliance of big banks. Lincoln and Fremont can maintain abusive interest rates if they want to, but we in the South actually want to protect our people. Therefore with this bill we merely ask that the Senate give us the tools we need to crush the big banks by keeping the predatory rates of Fremont and Lincoln out of the South. This protects fairness by keeping all banks at the same competitive level in our region and will prevent a race to the bottom whereby all federally chartered banks set up in a predatory region like Fremont just to screw over the South.

Thanks for your consideration, and may the spirit of that great southerner and bank-killer, Andrew Jackson, guide yall to what is right, moral, and just.


CRS bankground if interested: https://www.google.com/url?sa=t&source=web&rct=j&url=https://crsreports.congress.gov/product/pdf/LSB/LSB10512&ved=2ahUKEwjAuqvm-IL2AhUAmGoFHakFB2kQFnoECCoQAQ&usg=AOvVaw0L7znyZEuN_xVTGWKMTOfd

[S019]

So, this would neuter the Fed, I absolutely cannot support this with the rate of inflation we have currently.

[Mr. Reactionary]

So, this would neuter the Fed, I absolutely cannot support this with the rate of inflation we have currently.

Lol. Neuter the Fed? Do you even understand how the Fed works? I cant imagine inflation is bad given the several uninterrupted years of layburr rule.

> 60% of banks arent federally chartered nor are credit unions. Why should the biggest banks be exempt from consumer protections that affect the vast majority of their smaller competitors? It sounds like your old proposal to expressly have higher tax rates on the poor.

[Mad Deadly Worldwide Communist Gangster Computer God]

I'm inclined to support this, given that Frémont has a North Dakota-style state bank and this bill would appear to empower it.

[Sestak]

If the regions are being given control of monetary policy then what’s even the point of the federal government anymore? You’re essentially just turning Atlasia into three separate countries at that point.

[Mr. Reactionary]

If the regions are being given control of monetary policy then what’s even the point of the federal government anymore? You’re essentially just turning Atlasia into three separate countries at that point.

Its not like we are printing our own money. Just pushing back on some decisions from the 1970s and 80s that empower the monied class at the expense of regional power.

[Deep Dixieland Senator, Muad'dib (OSR MSR)]

... It sounds like your [S019] old proposal to expressly have higher tax rates on the poor.

You mean this one?

Tax Reform Act

The estate tax in Lincoln is abolished
The death tax in Lincoln is abolished
The inheritance tax in Lincoln is abolished
Lincoln property taxes shall be cut by 30%
Lincoln sales taxes shall be reduced by 2%
Lincoln gas taxes shall be reduced by 5%
Lincoln state income tax shall have three brackets
Brackets with rates:
Greater than $150,000: 25%
$50,000-$150,000: 15%
Less than $50,000: 45%
Lincoln shall raise taxes on all welfare benefits by 70%

I hope to get some conservative cosponsors to back my bill to give tax cuts by making the poor, pay their fair share

[S019]

You know folx, I too find it cool to necro old posts. Perhaps I should necro the one where you supported Fraser Anning, perhaps.....


Anyways I am not going to cave to these stupid personal attacks, this bill is bad and my mind is not changing.

[Deep Dixieland Senator, Muad'dib (OSR MSR)]

You know folx, I too find it cool to necro old posts. Perhaps I should necro the one where you supported Fraser Anning, perhaps.....


Anyways I am not going to cave to these stupid personal attacks, this bill is bad and my mind is not changing.

Well for starters I think you need to look up the definition of Necroposting. Additionally pointing out the flaws in a position aren't personal attacks. It's pointing out the shortcoming of the position taken. Feel free to "Necro" the post i think you are referring to, I think you will find it doesn't prove the point you think you are trying to make and actually you have been triggered.

Be Well.

[WD]

Opening a final vote in 24 hours

[Southern Senator North Carolina Yankee]

You know folx, I too find it cool to necro old posts. Perhaps I should necro the one where you supported Fraser Anning, perhaps.....


Anyways I am not going to cave to these stupid personal attacks, this bill is bad and my mind is not changing.

Necroing only applies to bumping an old thread as opposed to creating a new one with the old post linked/quoted.

Even so, I give extra latitude as per tradition for the reviving of old projects as such on these boards, so I am at a loss as to how this applies here in any case.

[WD]

A final vote is now open. Senators, please vote Aye, Nay, or Abstain.

[West_Midlander]

Aye

[WD]

Nay

[Kuumo]

Nay

[Southern Senator North Carolina Yankee]

Aye

[Continential]

Aye

[OBD]

Nay

[Deep Dixieland Senator, Muad'dib (OSR MSR)]

Aye

[S019]

NAY