Legislative Bill · Saxenheim
Passed

Financial Oversight And Public Ownership Act of 2022

Proposed by Left Forward · fronted by Friedrich Krause
Passing
in all 2 chambers
Opened
21 Feb 2022
Voting closes
22 Apr 2022
Chambers
2 legislatures
Articles
2 changes

Rationale

Banks need stronger oversight because reckless decisions can leave ordinary people paying the price. Natural monopolies are different: where real competition is impossible, essential services should be publicly owned and run in the public interest.

Proposed Changes

1

Banking & Financial Regulation
Previous law
Light-touch regulation
Strong prudential oversight

2

Public Ownership of Key Industries
Previous law
Privatise and lightly regulate
Public ownership of natural monopolies

Timeline

  • Draft
    21 February 2022


  • Vote Open
    21 February 2022


  • Vote Closed
    22 April 2022


  • Became Law
    22 April 2022

Vote tally

Live tally across each chamber. Weighted by seats held.

Bundesrat

Passed
34Yes 0No 31Abstained 4Not voted 69 seats

For: 34 / 69 seats (49.3%)

Against: 0 · Abstained: 31 · Not voted: 4

50.1% of those voting must vote in favour (actual = 100.0%)
Party Seats Vote
Alliance For Digital Freedom And Rights 31 Abstain
Left Forward Proposer 10 Yes
National Humanist Platform 0 Yes
Saxenheim Workers’ Union 24 Yes
Empty seats 5 Not voted

Bundestag

Passed
320Yes 0No 286Abstained 44Not voted 650 seats

For: 320 / 650 seats (49.2%)

Against: 0 · Abstained: 286 · Not voted: 44

50.1% of those voting must vote in favour (actual = 100.0%)
Party Seats Vote
Alliance For Digital Freedom And Rights 286 Abstain
Left Forward Proposer 91 Yes
National Humanist Platform 0 Yes
Saxenheim Workers’ Union 229 Yes
Empty seats 52 Not voted

Voting record

Every vote must state a public reason. Most recent first.

Saxenheim Workers’ Union
Voted March 12, 2022
Yes

“Banks need stronger oversight to prevent reckless decisions from threatening the wider economy, while essential natural monopolies should remain under public ownership where genuine competition is not possible. Strategic sectors should serve the national interest and provide stability, reliability, and long term economic security rather than being driven solely by private profit.”

“We'll be abstaining. Whilst we agree that, although not always, from a macroeconomics standpoint most natural monopolies cannot be efficiently run by private companies, unless at the cost of public good, and would therefore support such a reform, we don't believe a financial governance overhaul is needed at the present time. As data show, Saxenheim's financial sector is growing almost twice as fast as most countries, contributing to annual growth and the general wellbeing of our economic system. Choking banks, especially investment ones, with more regulation, is a risky bet which might cost us a lot with little to no benefits. We agree on the need to stop speculation and act preemptively towards possible crises, when needed: but this is not the case, as our financial system's healthy and part of the reason our cabinet's been able to make Saxenheim prosper.”

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