Bank of England and Financial Services Act 2016
Write the words of this act the way you think they should read. Solon shows your change as a redline against the published text and pins it to that exact text, so it can never be applied to wording you did not see.
Change 1
3 Abolition of Oversight Committee
(1) The Bank of England Act 1998 is amended as follows. (2) In section 2(2) (functions of court of directors)— (a) the words from “determining the Bank's objectives” to the end become paragraph (a); (b) after that paragraph insert— (b) the functions mentioned in section 3A(2) (the “oversight functions”). (3) In section 3A (Oversight Committee)— (a) omit subsection (1); (b) in subsection (2), in the words before paragraph (a) for “functions of the Oversight Committee” substitute “ oversight functions of the court of directors ”; (c) in subsection (2)(d) for “Oversight Committee” substitute “ court of directors ”; (d) omit subsection (3); (e) in the heading for “Committee” substitute “ functions of court of directors ”. (4) Omit section 3B (Oversight Committee: procedure). (5) In section 3C (reviews) after subsection (1) insert— (1A) Where they consider that to do so would contribute to the discharge by the court of directors of any of its oversight functions, the non-executive directors of the Bank (or a majority of them) may arrange— (a) for a review to be conducted under this section in relation to any matter by a person appointed by those directors, and (b) for the person conducting the review to make one or more reports to the court of directors.
3 Abolition of Oversight Committee
(1) The Bank of England Act 1998 is amended as follows. (2) In section 2(2) (functions of court of directors)— (a) the words from “determining the Bank's objectives” to the end become paragraph (a); (b) after that paragraph insert— (b) the functions mentioned in section 3A(2) (the “oversight functions”). (3) In section 3A (Oversight Committee)— (a) omit subsection (1); (b) in subsection (2), in the words before paragraph (a) for “functions of the Oversight Committee” substitute “ oversight functions of the court of directors ”; (c) in subsection (2)(d) for “Oversight Committee” substitute “ court of directors ”; (d) omit subsection (3); (e) in the heading for “Committee” substitute “ functions of court of directors ”. (4) Omit section 3B (Oversight Committee: procedure). (5) In section 3C (reviews) after subsection (1) insert— (1A) Where they consider that to do so would contribute to the discharge by the court of directors of any of its oversight functions, the non-executive directors of the Bank (or a majority of them) may arrange— (a) for a review to be conducted under this section in relation to any matter by a person appointed by those directors, and (b) for the person conducting the review to make one or more reports to the court of directors.
One line that says what changes, such as "Halve the dog tax".
Who it helps, what it costs, what it fixes. It is what persuades people to support it.
A proposal here is not law. Support on Solon is evidence that people want the change; the official route says what it takes to make it law.
Sign in to file your proposal. What you have written stays on this page.
Sign in to file itThink it through
Ask what your change would do, who would gain and who would bear a cost, and where something like it is already law. The assistant reads your draft as it stands, cites the law and the studies it finds, and takes no side. What you file stays yours.