[Abandoned] Financial Transparency

[Karteria]

Current Draft

A resolution to enact uniform standards that protect workers, consumers, and the general public.

Category: Regulation | Area of Effect: Consumer Protection

Stressing that financial transparency from national governments and organizations leads to a financially self-aware populace that can attain better economic success,

Emphasizing that financial planning is a key component of sustained economic well-being,

Understanding that economic prosperity for individuals substantially increases their well-being, which benefits their communities and their nations,

Asserting that financial planning associations and corporations conduct business internationally and must be subject to international standards to ensure adequate treatment of their customers,

Further noting that financial planning includes advising on international investments,

Also reaffirming the right of all WA citizens to be informed about financial concepts,

The World Assembly, therefore,

1. Defines "financial planning," for the purposes of this resolution, as the process of analyzing necessary financial information, such as savings and investments, in order to achieve certain financial goals for individuals, such as retirement.
   
   
2. Defines "financial tools" as conceptual methods and or mathematical calculations utilized for financial analysis that can be used by professional financial advisors and the public alike, while not constituting a substitute for professional advice. These financial tools can be utilized in personal finance, insurance, business investments, and mortgages, among other subjects.
   
   
3. To allow for adequate financial planning,
   
   
   1. Establishes the World Assembly Financial Planning Board, or WAFPB, that sets standards for and certifies professional practitioners of financial planning internationally. The WAFPB certification framework includes competency and education requirements, ethical standards, and general practice standards.
      
      
      1. Certified professionals will have completed, at minimum, a two-week financial planning training course offered by the WAFPB regarding financial concepts and the general practices of the financial planning profession. Such practices include establishing relationships with their clients, collecting and analyzing client data, and making reasonable recommendations based on context.
         
         
      2. Certified professionals will have completed a background check established by the WAFPB, which will confirm that they have not utilized client data without their consent for personal gain or other ulterior motives.
   2. Mandates that World Assembly nations with pre-established retirement plans disseminate information about such plans to their citizens.
      
      
   3. Mandates that World Assembly nations make credit information that is owned by their national governments or for-profit businesses accessible to the public.
      
      
   4. Mandates that World Assembly nations disseminate information to the public regarding financial tools currently provided by their national governments, free or otherwise, and further encourages nations to share those resources with other nations.
4. Encourages World Assembly nations to provide free public sector financial planners, which are accessible to lower socioeconomic classes.
   
   
5. Encourages World Assembly nations to provide free financial tools and educational resources to the public.

A resolution to enact uniform standards that protect workers, consumers, and the general public.

Category: Regulation | Area of Effect: Consumer Protection

Stressing that financial transparency from national governments and organizations leads to a financially self-aware populace that can attain better economic success,

Emphasizing that financial planning is a key component of sustained economic well-being for people of all socioeconomic classes,

Understanding that economic prosperity for individuals substantially increases their well-being, which benefits their communities and their nations,

Also reaffirming the right of all WA citizens to be informed about financial concepts,

The World Assembly, therefore,

1. Defines “financial planning,” for the purposes of this resolution, as the process of analyzing necessary financial information, such as savings and investments, in order to achieve certain financial goals for individuals, such as retirement.
   
   
2. To allow for adequate financial planning,
   
   
   1. Establishes the World Assembly Financial Planning Board, or WAFPB, that sets standards for and certifies professional practitioners of financial planning internationally, which both increases public confidence and protects consumers. The WAFPB certification framework includes competency and education requirements, ethical standards, and general practice standards.
      
      
   2. Mandates that World Assembly nations notify any citizens, where applicable, of necessary tax return information at least 60 days in advance of the completion deadline.
      
      
   3. Mandates that World Assembly nations that control a portion of their respective credit system(s) make credit information that is owned by their national governments accessible to the public.
      
      
   4. Mandates that World Assembly nations disseminate information to the public regarding aforementioned financial tools currently provided by their national governments, free or otherwise, and further encourages nations to share those resources with other nations.
3. Encourages World Assembly nations to provide free financial tools and educational resources to the public, such as terminology, analytical methods, and mathematical concepts, among others.

A resolution to promote funding and the development of education and the arts.

Category: Education and Creativity
Area of Effect: Educational
Proposed By: Karteria


Reaffirming General Assembly Resolution #80, which “declares that all citizens have the right to be educated” in “financial mathematics and concepts” among other subjects,

Acknowledging that some individuals have socioeconomic circumstances that prevent an adequate quality of life,

Emphasizing that financial education is a key component of sustained economic well-being for people of all socioeconomic classes,

Understanding that economic prosperity for individuals substantially increases their well-being, which benefits their communities, their nations, and the entire world,

Further stressing that financial transparency from national governments leads to a more financially self-aware and, ultimately, a better-educated populace,

The World Assembly, therefore,

1. Defines, for the purposes of this resolution, “financial education” as the learning and utilization of necessary financial information and tools by the general populace. Concepts of this education include but are not limited to: the function of credit, utilization of loans, investments, budgeting, and tax planning.

To allow for adequate financial planning,

2. Mandates that World Assembly nations notify their citizens within a period of at least 60 days in advance of any taxes to be collected by their national governments.

3. Mandates that any national government of a World Assembly nation that controls a portion of their respective credit system(s) make credit information that is owned by said government accessible to the public.

4. Mandates that World Assembly nations disseminate information to the public regarding financial education resources and tools currently provided by their national governments, such as government bonds.

To increase focus on financial education,

5. Encourages World Assembly nations to provide free financial tools and educational resources through the internet, government libraries, or another, relatively accessible form.

6. Encourages World Assembly nations to increase the number of personal finance classes in their respective educational institutions through grants and other incentives.

7. Urges WA nations to include at least one required “financial education” course in the curricula of their respective educational institutions.

[Kenmoria]

“This seems to be a good concept to tackle. However, currently I have trouble seeing how this affects the international community rather than just member states, since you don’t have any clauses that mention co-operation between nations or that address problems faced by global governments.

Also, clause 2 appears to be rather unwieldy when these taxes could only apply to a very small segment of the population, e.g. agricultural workers in the East side of a country. Surely it would be better to notify just those affected by a tax?”

[Karteria]

“This seems to be a good concept to tackle. However, currently I have trouble seeing how this affects the international community rather than just member states, since you don’t have any clauses that mention co-operation between nations or that address problems faced by global governments.

Also, clause 2 appears to be rather unwieldy when these taxes could only apply to a very small segment of the population, e.g. agricultural workers in the East side of a country. Surely it would be better to notify just those affected by a tax?”

OOC: Thanks for the feedback! I'm especially glad that the overall idea behind the draft is a decent one, at the very least. I can revise clause 2 just fine. One of my concerns is that some could argue that clause 2 contradicts GAR 17; I would argue that the clause addresses a potentially discriminatory practice, but I would like a second opinion on it.

Also, I changed the direction of the proposal to include something of a more... international flavor. Hopefully it checks out.

[Araraukar]

OOC: As currently written, it seems to have nothing to do with education. There's the whole new Regulation category, have you looked through its AoEs for something more suitable?

If you want to encourage mathematics, encourage mathematics directly. Also, I really struggle with how basic math wouldn't include what's needed to calculate what you seem to be talking about.

If you're referring to the RL mess that's US taxation, then know that most nations don't do that to their citizens.

[Karteria]

OOC: As currently written, it seems to have nothing to do with education. There's the whole new Regulation category, have you looked through its AoEs for something more suitable?

If you want to encourage mathematics, encourage mathematics directly. Also, I really struggle with how basic math wouldn't include what's needed to calculate what you seem to be talking about.

If you're referring to the RL mess that's US taxation, then know that most nations don't do that to their citizens.

OOC: Thanks for the suggestions.

This resolution's education section, though not its primary goal (in the second draft), focuses on more about financial concepts than mathematics, for lack of a better term. How to craft effective budgets, understanding the importance of utilizing credit/loans, etc.

Also, while I'm glad that most nations do notify citizens of their taxes, I assume that a few WA nations don't, and that clause would prevent such. It also fits in with financial planning, so I figure it wouldn't hurt.

[Araraukar]

OOC: This resolution's education section, though not its primary goal (in the second draft), focuses on more about financial concepts than mathematics, for lack of a better term. How to craft effective budgets, understanding the importance of utilizing credit/loans, etc.

Also, while I'm glad that most nations do notify citizens of their taxes, I assume that a few WA nations don't, and that clause would prevent such. It also fits in with financial planning, so I figure it wouldn't hurt.

OOC: The US credit (especially the rating) system is also weird and inhuman.

In general, leave the current draft visible, only spoiler ones you're no longer working on. And I'd probably move the older drafts away from the main post or at least put them under the current one. That's so that when quoting the post to comment on the draft, people will get the current draft first.

I would leave away a direct mention of the previous resolution by name - you can "reaffirm the right of all WA citizens to be educated in (wording goes here)", as long as you don't quote the resolution without permission from its writer. Minor duplication like that is allowed, when you're significantly expanding on a particular subject.

Now, why are you creating the committee? You create a certification thing (by the way, avoid words like "globally", since most WA nations aren't on the same planet, nor could all 20k+ fit on a single planet to begin with) that isn't needed for anything. Also, isn't every single person who ever has to calculate how much money they have left over for food from having paid rent and utilities, a "practitioner of financial planning"? The educational tools and such should probably be designed by the nations themselves, since they'll have the best idea of how to approach the matter in the framework of everything else, including other basic education.

Clause III doesn't make much sense, unless you mean "publish laws that set taxes", which the nations are already required to do by an existing resolution. At least in RL taxes aren't collected as one big lump, but are built into the prices of everything. And usually taxes are also taken out of your salary/wages before you even see the money.

Clause IV I don't understand at all. And while saying that cues IA to come over here to mock me, it's also a plea for you to explain - as a reply to me, not as an edit to the draft - what you mean by the whole clause. Like, are we talking about "credit" as in, government-backed loans, or "credit" as in "credit cards", which are usually handled by banks of some sort, which might or might not be directly related with the government at all, and what does "accessible" mean? Does it mean that everyone should have a credit card, whether or not they can actually pay what they buy, or that everyone should have access to the fair information about the credit system? I can't remember if we have a banking transparency requirement system yet, but if not, that should probably be handled in its own resolution.

The second committee subclause talks about "educational tools", but main clauses V and VI talk about "financial tools". What are "financial tools"?

I would also entirely leave out the unnumbered urges clause at the end. Especially as what you say there seems to be what you're trying to do. Except you could probably leave out the whole education requirements - maybe just mandate that nations need to provide people financial planning information in an easily understandable form and maybe have people who've gotten in trouble with their finances sit through/pass a course on the subject.

[Karteria]

In general, leave the current draft visible, only spoiler ones you're no longer working on. And I'd probably move the older drafts away from the main post or at least put them under the current one. That's so that when quoting the post to comment on the draft, people will get the current draft first.

I would leave away a direct mention of the previous resolution by name - you can "reaffirm the right of all WA citizens to be educated in (wording goes here)", as long as you don't quote the resolution without permission from its writer. Minor duplication like that is allowed, when you're significantly expanding on a particular subject.

Fixed.

Now, why are you creating the committee? You create a certification thing (by the way, avoid words like "globally", since most WA nations aren't on the same planet, nor could all 20k+ fit on a single planet to begin with) that isn't needed for anything.

"The committee would be created to bring financial planning to the forefront as an international issue – hopefully addressing the suggestion by Kenmoria's delegation. If this board isn't necessary, then perhaps we were not completely aware of other independent organizations that already certify these professionals, or that it isn't as effectual on a grand scale according to some. Nonetheless, we believe that financial planning is a critical component of people's economic well-being, and that professionals who help make life-altering decisions must be certified."

Also, isn't every single person who ever has to calculate how much money they have left over for food from having paid rent and utilities, a "practitioner of financial planning"?

Hopefully specified. I was thinking professionals who do it for a living.

The educational tools and such should probably be designed by the nations themselves, since they'll have the best idea of how to approach the matter in the framework of everything else, including other basic education.

Second committee sub-clause has been omitted.

Clause III doesn't make much sense, unless you mean "publish laws that set taxes", which the nations are already required to do by an existing resolution. At least in RL taxes aren't collected as one big lump, but are built into the prices of everything. And usually taxes are also taken out of your salary/wages before you even see the money.

Hopefully specified. In my head, I was referring to tax returns – that nations should make necessary documents and information related to those accessible.

Clause IV I don't understand at all. And while saying that cues IA to come over here to mock me, it's also a plea for you to explain - as a reply to me, not as an edit to the draft - what you mean by the whole clause. Like, are we talking about "credit" as in, government-backed loans, or "credit" as in "credit cards", which are usually handled by banks of some sort, which might or might not be directly related with the government at all, and what does "accessible" mean? Does it mean that everyone should have a credit card, whether or not they can actually pay what they buy, or that everyone should have access to the fair information about the credit system? I can't remember if we have a banking transparency requirement system yet, but if not, that should probably be handled in its own resolution.

IC: "'Everyone should have access to the fair information about the credit system' describes our intentions almost perfectly. We especially meant to refer to credit ratings, as well."

OOC: Even though you mentioned that your question wasn't meant to be for an edit to the draft, I'm sure the clause could be specified better. Also, I only referred to the information owned by national governments (i.e. nations where the credit bureaus are centralized, unlike the for-profit bureaus of RL United States). I'm not sure whether it would be a good idea to demand WA nations make all credit information accessible, bureau centralization or not. As far as the definition of "accessible," in my head I meant that the information is disseminated properly using devices that most people can utilize. I can define this term as well in a new clause.

The second committee subclause talks about "educational tools", but main clauses V and VI talk about "financial tools". What are "financial tools"?

Hopefully specified.

I would also entirely leave out the unnumbered urges clause at the end. Especially as what you say there seems to be what you're trying to do. Except you could probably leave out the whole education requirements - maybe just mandate that nations need to provide people financial planning information in an easily understandable form and maybe have people who've gotten in trouble with their finances sit through/pass a course on the subject.

Fixed.

[Karteria]

Bump.

[Gammor]

I would add that any nation is required to promote in a space no more than 4 years, a month of financial awareness , that promotes all the actions taken by the government as well as to bring younger generation awareness about this issue so it self-renovates on new tendencies and changes that had happened to the whole economic landscape of the nation in these years .

[Karteria]

I would add that any nation is required to promote in a space no more than 4 years, a month of financial awareness , that promotes all the actions taken by the government as well as to bring younger generation awareness about this issue so it self-renovates on new tendencies and changes that had happened to the whole economic landscape of the nation in these years .

That's a fine idea; if anything, I can add a clause encouraging a financial awareness, especially among students. However, I feel other clauses could fulfill this idea as well.

[Gammor]

I would add that any nation is required to promote in a space no more than 4 years, a month of financial awareness , that promotes all the actions taken by the government as well as to bring younger generation awareness about this issue so it self-renovates on new tendencies and changes that had happened to the whole economic landscape of the nation in these years .

That's a fine idea; if anything, I can add a clause encouraging a financial awareness, especially among students. However, I feel other clauses could fulfill this idea as well.

Thinking back, it is redundant when you put all together on the draft, I guess I had to read it down twice to see the big picture, but since I brought up the idea and you sorta liked it, I go with you.

encourage financial awareness to the youth since they are the future, with some effort on propaganda so it doesn't need to be always too hard to swallow

maybe as a guideline and not really mandatory since it still gonna hit the points anyway, thanks for taking it into consideration, always glad to help and learn.

[Araraukar]

Current Draft

A resolution to enact uniform standards that protect workers, consumers, and the general public.

Category: Regulation | Area of Effect: Consumer Protection

Stressing that financial transparency from national governments and organizations leads to a more financially self-aware populace that can attain better economic success,

Emphasizing that financial planning is a key component of sustained economic well-being for people of all socioeconomic classes,

Understanding that economic prosperity for individuals substantially increases their well-being, which benefits their communities, their nations, and the entire world,

Also reaffirming the right of all WA citizens to be educated in financial concepts,

The World Assembly, therefore,

I. Defines, for the purposes of this resolution, “financial planning” as the process of analyzing necessary financial information, such as savings and investments, in order to achieve certain financial goals for individuals, such as retirement.

To allow for adequate financial planning,

II. Establishes the World Assembly Financial Planning Board, or WAFPB.

i. The WAFPB sets standards for and certify professional practitioners of financial planning internationally, which both increases public confidence and protects consumers. The certification framework includes competency and education requirements, ethical standards, and general practice standards.

III. Mandates that World Assembly nations notify any citizens, where applicable, of necessary tax return information at least 60 days in advance of the completion deadline.

IV. Mandates that World Assembly nations that control a portion of their respective credit system(s) make credit information that is owned by their national governments accessible to the public.

VI. Encourages World Assembly nations to provide free financial tools and educational resources, such as terminology, analytical methods, and mathematical concepts, among others.

V. Mandates that World Assembly nations disseminate information to the public regarding aforementioned financial tools currently provided by their national governments, free or otherwise, and further encourages nations to share those resources with other nations.

[Karteria]

Thinking back, it is redundant when you put all together on the draft, I guess I had to read it down twice to see the big picture, but since I brought up the idea and you sorta liked it, I go with you.

encourage financial awareness to the youth since they are the future, with some effort on propaganda so it doesn't need to be always too hard to swallow

maybe as a guideline and not really mandatory since it still gonna hit the points anyway, thanks for taking it into consideration, always glad to help and learn.

Thank you for the suggestions! I appreciate it nonetheless.

To anyone else: are there any other edits I should make (especially to make it legal, if there's an issue with that)?

[Empowered Individuals]

I think it's a great idea, financial transparency would lead to more financial independence among nations.

[Naboompu]

I wholeheartedly support, Karteria. Very well-written and I have no real criticisms. Maybe I'd also encourage curriculum development (in addition to the mentioned financial tools and educational resources)? I think it will pass legal scrutiny (but defer to the Secretariat) as long as investments aren't brought up - I had to add four lines to my own resolution to avoid violating the House of Cards ruling with respect to GR#401 viewtopic.php?p=31755370#p31755370.

[Falcania]

It's a nitpick, but I'd suggest instead of

Also reaffirming the right of all WA citizens to be educated in financial concepts,

Instead use the phrasing

Also reaffirming the right of all WA citizens to be informed about financial concepts,

[Karteria]

OOC

I think it's a great idea, financial transparency would lead to more financial independence among nations.

Good to hear!

I wholeheartedly support, Karteria. Very well-written and I have no real criticisms. Maybe I'd also encourage curriculum development (in addition to the mentioned financial tools and educational resources)? I think it will pass legal scrutiny (but defer to the Secretariat) as long as investments aren't brought up - I had to add four lines to my own resolution to avoid violating the House of Cards ruling with respect to GR#401 viewtopic.php?p=31755370#p31755370.

I actually had more related to education in the original draft, but was told I should scrap that part. I'll consider adding a clause related to educational resources. Thanks for the support!

It's a nitpick, but I'd suggest instead of

Also reaffirming the right of all WA citizens to be educated in financial concepts,

Instead use the phrasing

Also reaffirming the right of all WA citizens to be informed about financial concepts,

Fixed.

[Karteria]

Are there any other additions or edits I should make?

If not, I'd like to submit this, although I'm sure there's something I can change beforehand.

[Kenmoria]

“In clause II-i, ‘certify’ should be ‘certifies’.”

[Karteria]

“In clause II-i, ‘certify’ should be ‘certifies’.”

Fixed. Thanks!

[Bears Armed]

II. Establishes the World Assembly Financial Planning Board, or WAFPB.

i. The WAFPB sets standards for and certifies professional practitioners of financial planning internationally, which both increases public confidence and protects consumers. The certification framework includes competency and education requirements, ethical standards, and general practice standards.

OOC: Why does this have a numbered sub-clause "i" when there are no other sub-clauses? Also, I think that the current "i" would probably be better if worded as instructions to the WAFB rather than [as it currently is] as a present-tense description of its role.
So, maybe something like

II. Establishes the World Assembly Financial Planning Board, or WAFPB, and instructs this to set standards for and certify professional practitioners of financial planning internationally in order to increase public confidence and protect consumers (The certification framework is to include competency and education requirements, ethical standards, and general practice standards);

?

[Karteria]

OOC: Why does this have a numbered sub-clause "i" when there are no other sub-clauses? Also, I think that the current "i" would probably be better if worded as instructions to the WAFB rather than [as it currently is] as a present-tense description of its role.
So, maybe something like
*snip*
?

Fixed.

That sounds better, thanks!

[Karteria]

I would like to submit this within the week, assuming no more suggestions.

Even if this doesn't get much attention, I'm happy with the experience I've gained drafting it, and my next proposal will be better researched and more developed.

[Araraukar]

OOC: A suggestion on coding (tab doesn't work).

This:

Code: Select all

[box][i]Stressing[/i] that financial transparency from national governments and organizations leads to a more financially self-aware populace that can attain better economic success,

[i]Emphasizing[/i] that financial planning is a key component of sustained economic well-being for people of all socioeconomic classes,

[i]Understanding[/i] that economic prosperity for individuals substantially increases their well-being, which benefits their communities, their nations, and the entire world,

[i]Also reaffirming[/i] the right of all WA citizens to be informed about financial concepts,

The World Assembly, therefore,

[list=1][*]Defines, for the purposes of this resolution, “financial planning” as the process of analyzing necessary financial information, such as savings and investments, in order to achieve certain financial goals for individuals, such as retirement.


[*]To allow for adequate financial planning,

[list=I][*]Establishes the World Assembly Financial Planning Board, or WAFPB, that sets standards for and certifies professional practitioners of financial planning internationally, which both increases public confidence and protects consumers. The WAFPB The certification framework includes competency and education requirements, ethical standards, and general practice standards.


[*]Mandates that World Assembly nations notify any citizens, where applicable, of necessary tax return information at least 60 days in advance of the completion deadline.


[*]Mandates that World Assembly nations that control a portion of their respective credit system(s) make credit information that is owned by their national governments accessible to the public.


[*]Mandates that World Assembly nations disseminate information to the public regarding aforementioned financial tools currently provided by their national governments, free or otherwise, and further encourages nations to share those resources with other nations.[/list]


[*]Encourages World Assembly nations to provide free financial tools and educational resources, such as terminology, analytical methods, and mathematical concepts, among others.[/list][/box]

Would show up as:

Stressing that financial transparency from national governments and organizations leads to a more financially self-aware populace that can attain better economic success,

Emphasizing that financial planning is a key component of sustained economic well-being for people of all socioeconomic classes,

Understanding that economic prosperity for individuals substantially increases their well-being, which benefits their communities, their nations, and the entire world,

Also reaffirming the right of all WA citizens to be informed about financial concepts,

The World Assembly, therefore,

1. Defines, for the purposes of this resolution, “financial planning” as the process of analyzing necessary financial information, such as savings and investments, in order to achieve certain financial goals for individuals, such as retirement.
   
   
2. To allow for adequate financial planning,
   
   
   1. Establishes the World Assembly Financial Planning Board, or WAFPB, that sets standards for and certifies professional practitioners of financial planning internationally, which both increases public confidence and protects consumers. The WAFPB The certification framework includes competency and education requirements, ethical standards, and general practice standards.
      
      
   2. Mandates that World Assembly nations notify any citizens, where applicable, of necessary tax return information at least 60 days in advance of the completion deadline.
      
      
   3. Mandates that World Assembly nations that control a portion of their respective credit system(s) make credit information that is owned by their national governments accessible to the public.
      
      
   4. Mandates that World Assembly nations disseminate information to the public regarding aforementioned financial tools currently provided by their national governments, free or otherwise, and further encourages nations to share those resources with other nations.
   
   
3. Encourages World Assembly nations to provide free financial tools and educational resources, such as terminology, analytical methods, and mathematical concepts, among others.

I divided the lists the way I did, since it looked like the mandates all belonged together, but the encourages didn't fit in with them.

[Karteria]

OOC: A suggestion on coding (tab doesn't work).
*snip*
I divided the lists the way I did, since it looked like the mandates all belonged together, but the encourages didn't fit in with them.

I changed it. Your suggestion looks better; thanks!