National Bank of Iris Act 2024

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In recognition of the need for a centralized institution to manage crucial financial functions such as money printing, distribution, tax collection, and budget execution, this bill aims to establish the National Bank of Iris. The National Bank shall serve as the primary financial authority of the Irisian government, under the ownership of the sovereign, with day-to-day operations overseen by the First Councilor.
Objective:
To establish the national bank of Iris to create a way for the government and private entities, being citizens or businesses participates, to handle money in the region of Iris.
This particular piece of legislation gives Iris the ability to enhance its role play and provides a monetary system for the region that can be used for everyday activities.
Key Provisions:
Section 1: Establishment of the National Bank
1.1 The National Bank of Iris is hereby established as the central financial institution responsible for overseeing the printing, distribution, and regulation of the Irisian Currency.
1.2 The National Bank shall also be tasked with collecting taxes on behalf of the Irisian government and executing the passed budget in accordance with governmental directives.
Section 2: Ownership and Governance
2.1 The sovereign of Iris shall be recognized as the owner of the National Bank, with ultimate authority over its operations and policies.
2.2 The day-to-day operations of the National Bank shall be executed by the First Councilor, who may appoint a treasurer to represent them on behalf of the government.

3.1 Every citizen who signs up for an account on the Iris Forum shall be entitled to a bank account with the National Bank.
3.2 Citizens shall have the right to engage in daily transactions using the Iris Blossom as the currency, both in private and public settings, facilitated through the Iris Forum platform.
3.3 The Iris Forum shall be designated as the exclusive platform for conducting transactions using the Iris Blossom Currency.

The Banking system is established on the Iris forum. With the passage of this bill through the House of Nobles and the Executive Council, citizens will have bank accounts setup ready to begin everyday business activities.

The crown will maintain the bank but will appoint the First Councilor each term to run the day to day operations for the bank and the spending of the government. Additional rules will be introduced based on what the First Councilor and Sovereign feel as needed.

Everyone will be involved and encouraged to take advantage of this incentive perk from being a citizen.

No initial cost needed. The government will be responsible for an additional budget and printing money later on..
Evaluation and Review:
The crown will review this act and the impact of the National Bank at the end of each Council session to determine any changes needed.

In establishing the National Bank of Iris, this bill seeks to ensure efficient management of the Irisian economy while promoting financial inclusion and transparency among its citizens. By providing every citizen with access to a bank account and facilitating transactions through the Iris Forum, the government aims to foster a robust and equitable financial ecosystem for the benefit of all Irisians.