Whereas financial crises happen, but diversifying assets and creating a system to prevent those crises from freezing up economic activity would help stop them from harming average people: And whereas securitising debt increases liquidity in capital markets, transfers risk from risk-averse investors to willing buyers, and increases the supply of loanable funds, thereby speeding recoveries: And whereas a single nation's assets lack the diversity to stop highly correlated movement in default rates: Now, therefore, be it enacted by this most excellent World Assembly, as follows :— Member nations shall allow the sale of secured and unsecured interest-bearing financial instruments, i.e. "base assets", to the Credit Securitisation Facility and other public investors. Member nations may make reasonable purchasing rules on those base assets unless they affect the Facility. There shall be established a Credit Securitisation Facility, i.e. "the Facility", to tranche and securitise reasonably uncorrelated base assets. It will raise funds from the sale of securities it creates. It shall publicly document the components from which those securities are produced. All produced securities shall fulfil the most stringent reasonable transparency rules established by member nations or the Assembly in future legislation. The Facility may subcontract out the maintenance of its products to third parties. When it does so, those products must maintain their original uncorrelated character and posted coupons. The Facility may guarantee its products. It may use funds from its support programme to make those guarantees credible. The Facility shall produce public indices to provide information on current pricing practices for securities it produces and their component base assets. The Facility shall create a liquidity support programme. It shall invest its net income in safe interest-bearing assets. If an illiquidity crisis threatens a member nation's financial system and the Facility has exhausted its loanable funds, it may borrow monies from the General Fund for this purpose. For a financial institution to be eligible for liquidity support, the institution must file public disclosures detailing: its owned properties and subsidiaries, its balance sheet, the balance sheets of its subsidiaries, risk factors to its business, currently on-going legal proceedings, documentation of its accounting procedures, and other data that the Facility believes useful in determining an institution's value. Institutions shall certify that their disclosures are truthful. The Facility may undertake any necessary and proper actions to ensure that institutional disclosures are accurate. Institutions must also have a history of and commitment to maintaining such disclosures before being eligible for support. If financial institutions require liquidity support, the Facility may extend such support, for limited times only, at its discretion. It will do so through secured loans or preferred share purchases. The Facility shall publicly report the quantity and details of all its liquidity actions. When providing liquidity support, the Facility shall secure its loans with proffered equity capital or illiquid assets, in this subsection, "collateral". The Facility shall govern: the proportion of the principle secured so that it is not onerous on or a subsidy for that institution and the value of that collateral at reasonable normal market rates. The Facility may not support what it believes to be truly insolvent institutions. The Facility shall publicly release data it believes helpful and not sensitive for investors in valuing eligible institutions.