Capitalism Act

Capitalism Act
An Act to Seed Capital to the Public
Considered by	Wegmat Parliament
Legislative history
Introduced by	James Panton
First reading	15 April 2023
Third reading	17 April 2023
Status: Unknown

The Capitalism Act, legally known by its official name An Act to Seed Capital to the Public, was an act made to found the Federal Investing Authority and to remove banking regulations. The agency has the ability to buy stock in Weg companies. The agency is a publically-funded venture capitalist agency. Banking regulations were also appealed. Prior to this act, the Weg National Bank was the only bank in Wegmat legally able to operate. Following the promulgation of this act the Bank of Bushwood was created by wealthy New Germans.

Prime Minister Cole Baird was the biggest critic of the act in Parliament. This type of legislation would normally not be able to pass Parliament however in a shocking move, Dylan Achterhof, a Democratic Socialist voted in favor of the Act. This along with Luke Dwyer allowed the act to pass. The President of Wegmat proposed this act and quickly promulgated it.

The results of the act were immense as private individuals received funding from stock as well as loans from the Weg National Bank. Private enterprise took a large growth in Wegmat as expected. Private enterprise was never banned within Wegmat however due to profits being controlled by employees, profit was rarely used to consolidate ownership into one person. The Wegmat Workers Rights Act still allows trade unions to seize companies with a majority vote. This legislation is the most powerful in countering the privatization of business.

Contents

(1) The Federal Investing Authority (FCLS) shall be founded
(2) The FCLS shall be administered by the Commissioner of the FCLS who reports to the Minister of Finance
(3) The FCLS has access to all public funds in the Weg National Bank for loaning
(4) The FCLS has the power to grant loans to applicants of the service
(5) All loans granted by the service must have a minimum 6% interest rate
(6) Applicants of the service who have a yearly income over 75,000 Gogos must have a minimum 15% interest rate Loans cannot exceed 50,000 Gogos
(7) The Weg National Bank will no longer be the only legal bank
(8) Any institution may found a bank to keep and protect funds of their clients
(9) Any institution may found a bank to give credit to its clients
(10) A bank must be federally licensed by the Ministry of Finance

Reactions

As always a micronation keeping a close eye on the Wegmat situation reacted to the pass of the Capitalism Act was the President of Southopia

"I have seen the Capitalism Act pass and I would like to say this is a true victory for the people in Wegmat, a huge change awaits Wegmat and i would like to congratulate president James Panton and the Wegmat parliamentarians for this historic act that would hopefully improve the lives of the people living in Wegmat"

President of Southtopia