Forums » Role Playing
UIT Senate Issues New Commerce Regulations
UIT SENATE, DAU- Today, the UIT Senate has finally passed the first of many expected Commercial Goods and Sales Revision (CGSR) bills. The changes to the Unified Trade Code are fairly minor, but the implications of the modification are considerable, leading to the extended time for passage that saw the Intergalactic Dockworker's Union (IDU) take over station cargo storage. Initial response to the passage has been overwhelmingly positive.
The bill alters the commerce system, where sales had been manipulated to "lock in" a high price for a huge quantity of goods, resulting in massive overstocks, currency deficiencies, and large price fluctuations in basic goods. The new system will take into account sale volume and adjust the contract price downward, so mass sellers will be unable to leverage the deficiencies of the old system to make windfall profits. Instead, they will receive compensation taking into account not only the open contract price, but the the expected close of the contract price after the sale has concluded, and adjust the total payment to an average value. Such a change has been accomplished by eliminating total cargo checking in favor of bulk electronic tagging and processing of crates. Opponents have expressed concerns that allowing such bulk processing without full verification will encourage smuggling and degrade quality, but they were unable to garner enough support to maintain their filibuster.
Mr. Estenk, of The Guild of Free Traders, has released a statement following passage of the bill, indicating "TGFT welcomes any move towards a balanced [sic] economy", and TGFT may have provided the critical votes to move the legislation forward. This is regarded as a surprising move among most trade organizations, which had considered TGFT as being strongly against the bill, as TGFT has been on record as using so-called "stockpile selling" since deregulation. Mr. Estenk also commented on this aspect- "Historically, [TGFT] have been noted for stockpile selling, quite simply because the quantity of goods being traded in the [sic] universe was relatively small and we could put our trade knowledge to good use in finding underused routes. This knowledge has made many TGFT traders wealthy, but it is the collection and sharing of that information rather than the wealth itself that makes being part of [TGFT] interesting. We look forward to putting that trading knowledge to use in a more demanding environment."
The reduced load on the IDU, who will no longer be required to manually verify every single cargo crate's contents, partially addresses one of their key demands and will likely lead to reduced tensions among station personnel. IDU spokesmen have expressed their full support of the bill, and encourage further action to identify and extract restitution from traders who had "reaped unfair profits and endangered the public" with stockpile selling. Such further action is unlikely, as cases brought before the UIT judicial branch have, to date, been universally dismissed as baseless from criminal court, and only recovered minimal damages in civil court.
(Have you been affected by the passage of the CGSR bill? Send us your comments by clicking on the Reply link now.)
The bill alters the commerce system, where sales had been manipulated to "lock in" a high price for a huge quantity of goods, resulting in massive overstocks, currency deficiencies, and large price fluctuations in basic goods. The new system will take into account sale volume and adjust the contract price downward, so mass sellers will be unable to leverage the deficiencies of the old system to make windfall profits. Instead, they will receive compensation taking into account not only the open contract price, but the the expected close of the contract price after the sale has concluded, and adjust the total payment to an average value. Such a change has been accomplished by eliminating total cargo checking in favor of bulk electronic tagging and processing of crates. Opponents have expressed concerns that allowing such bulk processing without full verification will encourage smuggling and degrade quality, but they were unable to garner enough support to maintain their filibuster.
Mr. Estenk, of The Guild of Free Traders, has released a statement following passage of the bill, indicating "TGFT welcomes any move towards a balanced [sic] economy", and TGFT may have provided the critical votes to move the legislation forward. This is regarded as a surprising move among most trade organizations, which had considered TGFT as being strongly against the bill, as TGFT has been on record as using so-called "stockpile selling" since deregulation. Mr. Estenk also commented on this aspect- "Historically, [TGFT] have been noted for stockpile selling, quite simply because the quantity of goods being traded in the [sic] universe was relatively small and we could put our trade knowledge to good use in finding underused routes. This knowledge has made many TGFT traders wealthy, but it is the collection and sharing of that information rather than the wealth itself that makes being part of [TGFT] interesting. We look forward to putting that trading knowledge to use in a more demanding environment."
The reduced load on the IDU, who will no longer be required to manually verify every single cargo crate's contents, partially addresses one of their key demands and will likely lead to reduced tensions among station personnel. IDU spokesmen have expressed their full support of the bill, and encourage further action to identify and extract restitution from traders who had "reaped unfair profits and endangered the public" with stockpile selling. Such further action is unlikely, as cases brought before the UIT judicial branch have, to date, been universally dismissed as baseless from criminal court, and only recovered minimal damages in civil court.
(Have you been affected by the passage of the CGSR bill? Send us your comments by clicking on the Reply link now.)
This should absolutely be submitted for the Station News.
Seconded.