[PASSED] Repeal "Stock Exchanges and Foreign Investment"

[The Ice States]

OOC: The repeal says:

Further noting that the resolution's ambiguity on what constitutes "artificial manipulation of the exchange rate" severely limits the ability of a member nation to engage in currency intervention operations, such as to stabilise its currency's exchange rate,

The target says:

Empowers the ISEC to regulate the exchanges on which currencies are traded to prevent artificial manipulation of the exchange rate and to ensure that these exchanges operate without bias toward the citizens of any one nation.

I'm struggling to follow this argument. How does this clause limit member states' actions exactly? Saying that the committee can do something does not seem to be a prohibition on member states doing something else.

Currency intervention operations would likely be considered a form of "artificial manipulation of the exchange rate", and the ISEC would therefore have to take action to "prevent" it.

[Kirrlark]

“We share the concerns already raised by other Ambassadors about the lack of solutions within the repeal itself, or in the form of companion legislation. Although the target legislation is replaceable, we feel insufficient detail has been provided alongside this proposal to warrant a repeal.”

[Kenmoria]

“We share the concerns already raised by other Ambassadors about the lack of solutions within the repeal itself, or in the form of companion legislation. Although the target legislation is replaceable, we feel insufficient detail has been provided alongside this proposal to warrant a repeal.”

“Any improvements in the clauses would have to occur in a separate piece of legislation. With that said, I do wonder about a possible replacement. GA #401 doesn’t do much in a concrete fashion, but a proposal on the same topic would be welcome.”

[Simone Republic]

“We share the concerns already raised by other Ambassadors about the lack of solutions within the repeal itself, or in the form of companion legislation. Although the target legislation is replaceable, we feel insufficient detail has been provided alongside this proposal to warrant a repeal.”

“Any improvements in the clauses would have to occur in a separate piece of legislation. With that said, I do wonder about a possible replacement. GA #401 doesn’t do much in a concrete fashion, but a proposal on the same topic would be welcome.”

It's impossible to do a single replacement for this law (it covers too large a topic and too broad) within the confines of a 5,000 word resolution, but I have been passing resolutions that chip away at parts of this resolution for sometime:

GA#633 - Independent research protocol
https://www.nationstates.net/page=WA_pa ... /council=1

Sophisticated investors protocol (in queue, joint with IA)
viewtopic.php?f=9&t=525547

Securities issuers governance (coming)
viewtopic.php?f=9&t=528949

IA has also done several finance related resolutions that chip away at this.

[New Falkarth]

OoC: I will have to agree with Kenmoria here and vote for this repeal simply because the original legislation is too boring and cheats around the problem it is supposed to fix. We could make similar resolutions for every problem imaginable (Civil rights of foreigners? Lets make a committee. International disputes? Lets make a committee. etc.), but where would then be the fun and roleplay?

[Huaren Gongsi state]

OOC: The repeal says:


The target says:


I'm struggling to follow this argument. How does this clause limit member states' actions exactly? Saying that the committee can do something does not seem to be a prohibition on member states doing something else.

Currency intervention operations would likely be considered a form of "artificial manipulation of the exchange rate", and the ISEC would therefore have to take action to "prevent" it.

While it may sound as such, this is a reasonable thing to do for a member state to do in order to stabilize it's currency.

[The Ice States]

Currency intervention operations would likely be considered a form of "artificial manipulation of the exchange rate", and the ISEC would therefore have to take action to "prevent" it.

While it may sound as such, this is a reasonable thing to do for a member state to do in order to stabilize it's currency.

Indeed. The resolution prevents, or at least severely limits, member nations from doing so, no matter how "reasonable".

[Princess Rainbow Sparkles]

"The Princess looks disfavorably on repeals which throw around generic, subjective, and needless insults, like calling the definitions section 'very poorly written.' From what our delegation can tell, it was written just fine. That however is a minor personal sentiment which she hopes others may agree with in the interest of better friendship and welcome. It generally will not impact the vote of her delegation; all other things being equal."

"With respect to the merit of the repeal arguments here, we agree that this target ought to be repealed for the reasons stated. The target did basically nothing of substance. It defined a bunch of terms that it rarely used. Most egregiously, it established an international bureaucracy to come up with magical standards that the target didn't even try to describe, and to work toward an amorphous undefined goal with effectively no policy guidance."

"FOR!"

- Deputy Ambassador Roweina

[The Ice States]

This has passed. Interestingly, the 95.2% margin is the largest at vote passing margin in World Assembly history.

[Kenmoria]

Repeal "Stock Exchanges and Foreign investment" was passed 14,139 votes to 709.

(OOC: Congratulations!)