Here is the final draft of the Nomic Central Bank proposal. I will put the first four clauses up to a vote tomorrow afternoon assuming there is space and no last minute changes need to be made. Speak now if you have any more suggestions for it.
I.
The Establishment of the Nomic Central Bank:
An entity known as the Nomic Central Bank is hereby established upon the passage of this proposal. The bank shall receive its own subsection under the player statuses section of the wiki listing the current board of directors and the date of the next election as elaborated in future rules. The shop page shall list the currently active exchange rates.
II.
The Election of the Nomic Central Bank Board of Directors:
The Nomic Central Bank is managed by three elected officials known as the Nomic Central Board of Directors (or board of directors for short when the relevant context is the Nomic Central Bank) Every two weeks, a 2-day long election is held to determine who is on the board of directors. Elections officially begin at 12:01 AM UTC on the day of the election and end the day after at 11:59 PM UTC. Votes are cast by secret ballot (i.e.: pm) to the current head director of the board of directors and must list the player's three preferences for the board of directors in the order of preference. Players may not vote for themselves in any way, and any ballots received before the election starts or after the election ends will be considered invalid. The winner of the election is decided by employing a modified form of the Borda Count where a 1st preference counts as 5 votes, a 2nd preference counts as 3 votes, and a 3rd preference counts as 1 vote. All unlisted players receive 0 votes. Furthermore, the player amongst the three elected officials who receives the most votes shall become the new head director of the board of directors. If there is a tie, the current head director of the board of directors may choose the new head director of the board of directors with the restriction that they cannot choose themselves. The election results shall be posted by the current head director of the board of directors within 24 hours of the election ending. At this point, power transfers from the prior board of directors to the newly elected board of directors. For the first election, the moderator shall preside as the current head director of the board of directors, and the first election shall begin at 12:01 AM UTC on the day following the passage of this proposal. All election data should be archived in some format following the example of the archiving of the first election. All terms end at 11:59 PM UTC, and future elections begin at 12:01 AM UTC the day before the current term ends. The exact same board of directors may not be elected three times in a row.
III:
The Empowerment of Players to Create and Manage Currencies:
At any time, a player who has not yet made a currency may create a new currency by posting in bold, "I hereby establish the currency [Currency Name]. Its symbol is [Currency Symbol]. An initial [Amount] shall be printed." The amount specified in the initial creation is the initial supply of the currency, and the creator shall be granted that amount of currency. All newly created currency hold no value until an exchange rate is established by the Nomic Central Bank Board of Directors (as described in future rules). A player may at any time post in bold, "Print [Positive Amount] [Currency Name/Symbol]," to print more of the currency. The board of directors must approve and decide upon a new exchange rate before the currency is actually printed. The board of directors may not reject a request to print money without going through the official sanctioning process (as described in future rules). A player may also post in bold "Destroy [Positive Amount] [Currency Name/Symbol]," to remove currency they created from circulation. To remove currency from circulation, the currency must be in the inventory of the creator and cannot bring the creator below 0 of that currency. A player may only establish and be the primary manager for a single currency; the old currency must exit circulation first and then be officially dissolved as described in later rules.
IV:
Decision Making in the Nomic Central Bank Board of Directors:
All decisions made by the board of directors shall be done in a way agreed upon by the current board of directors. This decision in turn shall be decided by simple majority vote with the head director breaking any ties if need be. All decisions made by the board of directors should be archived, and for decisions requiring a vote, the archive shall indicate the position taken by each director on the decision.
V:
The Powers Granted to the Nomic Central Bank Board of Directors:
The following powers are hereby granted to the board of directors: 1) the power to determine exchange rates between various currencies 2) the power to dissolve currencies 3) the power to sanction players by imposing various restrictions on their currencies. The latter two powers shall be further described in future rules; however, if rules pertaining to those powers are not passed, then those powers are not granted. All exchange rates shall be officially posted in terms of Nomic dollars, and exchanges may be made both to and from Nomic dollars.
VI:
The Power to Dissolve Currencies:
As established in V, the Nomic Central Bank Board of Directors wields the power to dissolve currencies. They may do so simply by declaring in bold, "Currency [Currency Name] is hereby declared void," with the following restrictions: 1) the currency must be out of circulation; this means that only the original creator of the currency possesses any nonzero amount of the currency and 2) the original creator of the currency must approve of the dissolution of the currency.
VII:
The Power to Sanction Players:
The Nomic Central Bank Board of Directors may place economic sanctions on players for any reason provided the decision is documented as established in IV and the entire board of directors agrees to the sanctions. These sanctions are limited to the following: (note that the target refers to the player being sanctioned) 1) preventing the target from creating more of their currency or limiting how much of the currency can be made, 2) preventing the target's currency from being traded or lent, 3) preventing the target from making currency exchanges of any kind, or 4) preventing the target's currency from being exchanged in any form. All sanctions are temporary and may last no longer than 72 hours (3 days). The board of directors shall choose both the length and the nature of the sanction as described above, and they are empowered to apply multiple sanctions to a single player as well to reapply a sanction immediately after a previous one expired. Note however that if the board of directors reapply a sanction, they must make the decision after the old one expires. In other words, the board of directors may not queue a new sanction to take hold immediately as the old one expires. Furthermore, further sanctions must be agreed upon and conducted in the same manner as the previous ones; bypassing the process in any way is prohibited.
VIII:
Limitations on the Nomic Central Bank Board of Directors:
The Nomic Central Bank Board of Directors do not transcend the rules of the game. They are subject to the same rules as everyone else (except as described above), and furthermore, any and all of their decisions may be subjected to an executive review. Note that in the latter case, only the head director of the board of directors may be the subject of the executive review; that is, the head director shall be considered the "executor" for the purposes of an executive review and may not participate in the ensuing vote. In cases of egregious misuse of their power, a director may be removed from the board by a motion by the people. The slot shall remain vacant until the next election. If the head director is removed, the second place winner (as stipulated according to the rules in II) shall become the new head director. If only one person is left on the board, a new election shall be held at the start of the next day according to the rules in II. The moderator shall preside as the head director for such an election unless a different person is appointed to this position in a motion.
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Major changes from the last draft:
1) The determination of the head director has been simplified.
2) The currency clause (III) now adopts something similar to what Deimos27 described in
219.