(Work in progress!)
 Seal of the Federal Reserve Bank | |
| Governor | jJoshuaTheGreat |
|---|---|
| Lieutenant-Governor | Robidemon2 |
| Other Members | xSyncx, Soundi83, xXTheoryXx ex officio |
| Established | 24 November 2023 |
| Key document | Federal Reserve Act |
The Federal Reserve Bank (FRB) is the national bank of Redmont. It is mandated with managing the health of the economy, operating independently, and being transparent about its operations.[1]
Governance
The FRB is governed by a board of 5 members, 4 of those being chosen by Congress (called "Sitting Board Members"), and 1 being the secretary of the Department of Commerce (DOC), ex officio.
Sitting Board Members are nominated by majority in the House, and confirmed via supermajority in the Senate. Once a motion to nominate a member is proposed, a joint hearing for that nominee is opened. Sitting Board Members serve terms of up to 4 months that start and end 2 months apart, similar to how seats in the Senate work, divided into two classes. They can be reconfirmed to serve another term within 7 days of the expiration of their term.
The secretary of the DOC, while considered a full board member, cannot vote unless to break a tie, and is ineligible to become governor or lieutenant-governor.
Members of Congress, the secretary of the DOC, the president, and the vice-president are all ineligible to become sitting board members, unless given an exclusion by two-thirds of both chambers of Congress.
The governor of the FRB has the executive authority and is the principal representative of the FRB. They may delegate their powers and responsibilities to the lieutenant governor. The governor's duties include ensuring the good management of the FRB, ensuring compliance with all laws and regulations, and executing the laws and policy within the purview of the FRB. Both the governor and lieutenant governor are chosen from an internal election by majority vote.
Each member has 1 vote, and there is a minimum quorum of 2 votes in order for any decision to be made.
Powers
The FRB has the power to enact policy regarding its internal structure and the use and delegation of powers granted to it, which are:
- To lend, borrow, buy, sell, hold, receive, and distribute monetary or material resources.
- To lend, borrow, buy, sell, hold, receive, distribute, and create financial instruments. However, the FRB cannot create, issue or engage in trading financial instruments contingent on the value of real-world assets.
- To have the exclusive authority to set the rewards obtained by voting, including but not limited to the vote crate and the vote shop.
- To have the exclusive authority to set regulations for the spawning of resources by supermajority Board vote.
- To have the exclusive authority to set regulations to compensate for the spawning of resources through the real-life shop. However, the FRB has no authority over the real-life shop or the products offered therein.
- To have the exclusive authority to set monetary policy, including pegging the currency.
- No individual, person, legal entity, institution, company, or organization (except staff) may spawn in money or material resources without FRB approval.
- To have the authority to request (from staff) data regarding staff-spawned resources.
- To have the authority to despawn its or the government's money or material resources with a supermajority board vote.
- To have the authority to determine material resource requirements for functions, activities, practices, operations, infrastructure, buildings, or equivalents of these of the Government by majority Board vote.
- To have exclusive authority to set bonus materials received when gathering material resources.
- To set reserve requirements and to require commercial banks and credit unions to hold this reserve within the Reserve Bank.
History
The FRB was created on...