Foreign Currency Asset Act
Short Title Foreign Currency Asset Act
Long Title A Law to eliminate the corporate tax and implement a corporate savings tax while reforming general banking regulations.
Enacted April 3, 2015
Law Number 2015-I-13
UTC Parts(s) Amended 10 UTC, 11 UTC, 12 UTC, 16 UTC
Legislative History
  • Framer(s): Clark McDearny, Andrew Hester
  • Cosponsor(s): Lanclot Rice; Aaron Ehyta, Howard Coleson

The Foreign Currency Asset Act was a major piece of legislation passed in 2015-I that expanded on the CLEAN Act passed earlier in the trimester. The bill granted the Department of State the ability to request funds from the Treasury whenever they made contact with a foreign power that used a currency the Treasury was in possession of. The bill also directed the Treasury, in addition to gathering the base level of ∇200 called for by the CLEAN Act, to gather ∇25 worth of foreign currency by the end of each trimester. Another significant part of the bill was allowing the Treasury the ability to liquidate foreign currencies to raise revenue from the government and allowing citizens and institutions to trade foreign currency with the Tri.

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