[GA—AT VOTE—FOR] Repeal: "Money Market Funds Protocol"

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Repeal: "Money Market Funds Protocol"
Category: Repeal | Area of Effect: GA#746
Proposed by: The Overmind | Onsite Topic​
Asserting that the province of World Assembly legislation is the governance of issues of international importance, including, but not limited to, the establishment of universal rights, the negotiation of competing member nation interests, addressing nation-level decision-making on issues that have international impact, or the promotion of international harmony and peace,

Finding that the target deals with the far more granular issue of money market funds, a specific type of financial instrument that serves as a high-risk alternative to standard banking, a topic which is not only more effectively governed at the national and local level, but which does not align and may even wholly conflict with the economic system in many member nations,

Noting that, despite this, WA nations, acting through resolution-defined authorities, must both enact and make known minimum standards related to this type of financial instrument,

Particularly concerned that the language used to dictate this requirement and in many other areas of the resolution are written in impenetrable jargon that calls into question the understanding of legislators who ratified the resolution, in consideration of the highly specialized knowledge, or at least a large time investment, required to fully understand the ramifications thereof,

Unconvinced that the proviso at the end of the resolution which leaves to member nations the privilege to decide if money market funds are sold divests them of the imposed duties described,

Moreover reaffirming that the existence of many member nations for which money market funds are wholly irrelevant advertises the target's lack of international legislative propriety,

The General Assembly hereby repeals GA#746 "Money Markets Funds Protocol."
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Note: Only votes from TNP WA nations, NPA personnel, and those on NPA deployments will be counted. If you do not meet these requirements, please add (non-WA) or something of that effect to your vote. If you are on an NPA deployment without being formally registered as an NPA member, name your deployed nation in your vote.
Voting Instructions:
  • Vote For if you want the Delegate to vote For the resolution.
  • Vote Against if you want the Delegate to vote Against the resolution.
  • Vote Abstain if you want the Delegate to abstain from voting on this resolution.
  • Vote Present if you are personally abstaining from this vote.
Detailed opinions with your vote are appreciated and encouraged!
ForAgainstAbstainPresent
7302
 
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Overview
This proposal seeks to repeal GA#746, which intended to regulate money market funds, a type of mutual fund that invests in short-term debt instruments. The proposal argues that the confusing writing makes the resolution difficult to understand, and that the scope of money market funds is not wide enough for it to be worth legislating on in the World Assembly. The proposal additionally highlights that many member nations do not use money market funds in their economic systems, rending the resolution irrelevant in all of them.

Recommendation
The Ministry is in agreement that the target resolution does not meet the standards of the World Assembly for writing, nor topic. The targets deals with a very specific financial instrument, money market funds, which is better managed by individual governments according to their needs than having the World Assembly unnecessarily regulate all member nations. Many of them do not use money market funds in their economies, causing the target proposal to be ineffective, and as such, wholly unnecessary and even having to potential to be harmful due to overreach. The language used in the target is also difficult for to grasp and interpret, which will make it a challenge for it to be enforced in the first place.

For these reasons, the Ministry of World Assembly Affairs recommends a vote FOR Repeal: "Money Market Funds Protocol".

This IFV Recommendation was written by Chipoli in collaboration with the Ministry of World Assembly Affairs.
 
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Against as author of the target. The entire argument comes down to "we don't want to do any work to understand it so let's get rid of it"
 
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