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Citizens Electoral Council of Australia

Media Release  Thursday, 14 March 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
 

Petition to Parliament:

Australia Urgently Needs a Glass-Steagall Separation of Banks

TO THE HONOURABLE THE SPEAKER AND MEMBERS OF THE HOUSE OF REPRESENTATIVES

This petition of the Citizens Electoral Council of Australia draws to the attention of the House the threat facing Australia’s banking system from the deepening global financial crisis, which puts at serious risk the bank deposits of the Australian people, and essential banking services for the real economy.

Australia is now vulnerable because our banking system is concentrated in just four banks, which between them hold the overwhelming majority of deposits and provide the majority of banking services, but which have dangerously exposed themselves to shocks in the global financial system, including through nearly $20 trillion in derivatives speculation.

We therefore ask the House to take immediate action to protect deposits and essential commercial banking services, by enacting strict banking separation as did U.S. President Franklin Roosevelt’s Glass-Steagall Act 1933. Glass-Steagall split deposit-taking, standard commercial banks from Wall Street’s speculative investment banks, creating entirely separate entities under different roofs, thus successfully protecting the U.S. banking system until Glass-Steagall’s repeal in 1999. We ask the House to apply the Glass-Steagall principle to Australia through legislation to divide each of the four major banks into two parts: 1) normal commercial banks as per Glass-Steagall standards, and 2) institutions involved in investment banking and other forms of speculation. Banks that speculate will then do so with their own money and at their own peril, with no government protection whatsoever.

Click here to add your support to the CEC’s Glass-Steagall petition. You can also join the campaign by downloading or ordering printed copies you can use to collect signatures from other people.

Click here to read Why Australia urgently needs a Glass-Steagall banking separation, which includes an historical account of the way John Hewson and Paul Keating schemed with Macquarie Bank to deregulate Australia’s once-safe banks, which exposed the Australian people to financial predators and terminally weakened the financial system.

Click here to order a free copy of the new pamphlet Glass-Steagall for Australia.

Click here to join the CEC as a member.

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



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