Union Bank

Union Bank aka Bank of the United Stars, aka Federal Bank

The United Stars Bank is a semi federal entity. It is staffed and led by individuals picked by the Finance and Trade Committee of the Assembly and verified in Office by Assembly Vote. At its core is SOLOMON, an AI created and built by Mothermachine. Solomon is the only AI (other than Mothermachine) that has decision power. Solomon regulates the Value of Union Credits, regulates the deposits in valuables and maintains the Union Credit household. Union Bank is also independent of the Union government and by charter has the financial health of the Union as prime directive. It takes a Union Wide Vote to introduce changes. The Union Bank issues the Union Credit and holds the deposits of all Union licensed banks and financial institutes. The Union Bank is perhaps the most stable and most successful of all Union entities and provides financial stability to the Union for its entire existence[1] The Union Bank services are available to every Union Citizen (every Citizen gets a Union Credit Account for life) There is virtually no inflation (The Union Credit has more or less the same buying power in 5500 as it had in 2222 (when it became the Union official money system) Interest rates have remained stable. Scholars and experts agree that financial stability is a big part of the Unions stability and citizen approval rates. (The average Union Citizen has financial stability. Citizens have an average of 12,000 credits in savings. Only one in 200,000 Citizens has a debt. Loans are rare but easily obtained to start a business or a venture.[2]

The Union Bank is headed by the Union Bank President (recommended by the Financial Commitee and elected / confirmed / fired by the Assembly).

[1] Before the Mothermachine created Solomon AI, there were 3 Union tech created AI's and a committee of beings doing the same thing. The Banking Rules were put in place by the United Earth Bank president : Sharon Siegel (Immortal : The Banker) and implemented as Union Banking rules almost unchanged. Sharon Siegel is considered a Economy and Finance Genius almost equal to Dr. Isah. [2] Loans to start a business can be obtained from various entities such as Foundations, the Union Chamber of Commerce or the Union Bank, but to obtain loans and grants a business plan must be made and checked. Loan seekers must attend classes on business conduct (Classes are free but mandatory for loans and grants) Private Loans are also easy to obtain from the Union Bank. Loan Seekers must attend a class on monetary management and demonstrate that they are aware of the consequences and responsibilities of a loan.