The Act Respecting the Future of Quebec (also known as "Bill 1" or the "Sovereignty Bill") was a bill proposed to the Quebec National Assembly by Premier Jacques Parizeau and his Parti Québécois government in 1995. It proposed to give the National Assembly the power to declare Quebec "sovereign", with the "exclusive power to pass all its laws, levy all its taxes and conclude all its treaties". It received a first reading in the National Assembly but the final version of the bill was never voted on following the defeat of the sovereignty option in the 1995 Quebec referendum. Had it become law, it would have served as the legal basis for the Quebec government to declare Quebec a sovereign country.