Would I like it to be in a separate bank account? The answer is yes. That may reduce the tendency for people to see it as a discretionary spending pot of money.
Do we need to have this board? In its present form, no. I agree with Mr. Roy that you could set it up so that business and labour could actually run this effectively. As under the current construct, run it with the government, with a separate bank account, without the ability to reach across and borrow a few dollars now and then and have it disappear.