The proposed new law for the Swiss National Bank attempts to establish the SNB as an entity, which is practically uncontrolled by the democratic institutions of our country. The proposal has to be fundamentally remodelled, taking into account the following principles: The more independence the SNB has, the stricter should be the rules on transparency and accountability. Decisions having a direct effect on the tax burden of the citizen cannot be left to the discretion of the SNB. The SNB's excess reserves should be reduced by a one shot transfer of ca. 20 billion francs. In future the SNB should distribute most of its profits (roughly 4 billion francs per year), rather than increase its already excessive stock of foreign exchange reserves.