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Citizens Electoral Council of Australia

Media Release  Thursday, 21 February 2013

Craig Isherwood‚ National Secretary
PO Box 376‚ COBURG‚ VIC 3058
Phone: 1800 636 432
Email: cec@cecaust.com.au
Website: http://cec.cecaust.com.au
 

Demand your MP support

Glass-Steagall for Australia

The Citizens Electoral Council has this week issued a new pamphlet on the urgent need to break up Australia’s big four banks through a Glass-Steagall-style banking separation.

Glass-Steagall for Australia explains how only by enacting a local form of the U.S. Glass-Steagall Act’s strict separation between deposit-taking commercial banks and risky investment banks, can the government protect both depositors and the functionality of the nation’s financial system from looming financial shocks.

The pamphlet includes:

In this election year, only the CEC is addressing the looming threat to the financial system.

Presently Australian MPs across all parties are ignoring the threat, despite the fact that their international counterparts are rushing to establish Glass-Steagall firewalls in their nations for protection.

The last time Australia’s ruling parties ignored such a financial threat, and the CEC’s warnings of it, the GFC struck hard, wiping out thousands of retirees, melting down superannuation accounts, forcing thousands from their family homes, and sending the banks to the edge of insolvency.

Concerned Australians should join the CEC’s mobilisation to force Glass-Steagall onto the political agenda in Australia:

Click here to download a PDF copy of Glass-Steagall for Australia (9mb).

Click here to refer others to receive regular email updates from the Citizens Electoral Council of Australia.



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