SENATE DOCKET, NO. 1839        FILED ON: 1/20/2017

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1811

The Commonwealth of Massachusetts

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PRESENTED BY:

Bruce E. Tarr, (BY REQUEST)

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To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:

The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:

An Act relative to the Federal Debit Bank Act.

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PETITION OF:

SENATE DOCKET, NO. 1839        FILED ON: 1/20/2017

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1811

The Commonwealth of Massachusetts

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In the One Hundred and Ninetieth General Court
(2017-2018)

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An Act relative to the Federal Debit Bank Act.

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

Emergency Preamble-

"Whereas, the deferred operation of this act would tend to defeat its purpose, which is forthwith to provide appropriation for Federal Debit Bank to carry out a system to protect person's and property from loss of interest and value of real property, therefore, it is hereby declared to be an emergency law, necessary for the immediate preservation of the public convenience."

Bill to provide appropriation of resources to secure all existing bank, insurance and property by Law into a secure deposit program accessible to all United States citizens, travelers and institutions.

Section 1-"Federal Debit Bank Act" with the consent of the Commonwealth of Massachusetts rules the following elections into law:

a. Consent of the Commonwealth and its comptroller of the currency and the treasurer to provide prescribed appropriation funds and applied standard rate of interest to a "Federal Debit Bank Law" Trust treasury account.

Section 2-"Federal Debit Bank Act" Trust be provided unused and unlimited treasury notes by the treasury on an ongoing basis for the following:

a. Trust account appropriation of $100,000 per citizen, account holder or cybercrime victim for use in the production and delivery of the development and support of existing and newly established banking, insurance and cybercrime relief programs to administer secure saving, checking, insurance, real property savings accounts, critical victim relief, unmet public safety services and ongoing victim preparedness from the threat of cybercrime attacks, investment fraud, lost, damaged or stolen property and bankruptcy currently effecting 500 million cybercrime victims in the United States.

b. $100 billion a year to maintain and administer the commissioner and the administration of the trust account and the federal emergency relief from cybercrime program as an appropriation of the "Federal Debit Bank Law."

c. Trust account standard rate of interest is set at 500% a day of principle balance.

d. Trust account collects worldwide data on the holdings of the real property of the world; the standard rate of interest is set at 500% a day of principle balance.

e. Trust account collects worldwide data on banks and insurance deposits in fully insured write down accounts; to guarantee full purchase reimbursement by law; the standard rate of interest is set at 500% a day of principle balance.

Section 3-"Federal Debit Bank Act" submits for Federal record the annual report on the number of accounts it has under management, the amount of reportable real property and if they are deposited into real property savings accounts, interest paid on them and outstanding account balances of subscribers, reported financial cybercrime attacks, the number of victims, physical impact and potential hazards left by the damage and by what cybercrime prevention program relief was provided. Information will also be made available to the public about where to get banking, insurance and property services and how to get help with repairs to damages of cybercrime, bankruptcy, bank and insurance fraud with advertising and awareness programs provided to all citizens of the United States.

a. Annual report is recorded and maintained by the office of the commissioner of "Federal Debit Bank Act" and copies of the report are made available to General Court of the Commonwealth of Massachusetts.

b. Additional copies of the annual report are to be made available to the public with consent of the commissioner.

Section 4-Commisioner of the "Federal Debit Bank Act" is an appointed position.

a. transfer of the role of commissioner is a succession by appointment by the acting or current commissioner.

b. all contracts to deliver the appropriate banking, insurance, real property subscriptions, financial cybercrime relief resources and relevant commissions to victims of cybercrime, investment fraud, lost, damaged or stolen real property, the Commonwealth of Massachusetts, the United States, producers and business partners is at the discretion of the commissioner.

*To be signed into law before May 1,2017 and to take effect on June 1, 2017 [$501,000,000,000,000+$unlimited]