Isherwood: Join my appeal to U.S. Congress to re-enact Glass-Steagall
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Citizens Electoral Council of Australia

Media Release  Wednesday, 8 May 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
 

Isherwood: Join my appeal to U.S. Congress to re-enact Glass-Steagall

Citizens Electoral Council leader Craig Isherwood today called for Australians who hold any position of elected office or community leadership to join him in an appeal to the U.S. Congress to pass the tabled legislation, House Resolution 129, which re-enacts the separation of commercial banking from investment banking mandated in the 1933 Glass-Steagall Act.

All over the world local leaders are writing to the U.S. Congress to urge passage of HR 129, because if Glass-Steagall is re-enacted in the U.S., where it has the best chance, it will defeat the opposition of the City of London and the Crown, and enable its enactment in every country.

Craig Isherwood has prepared the following letter to the members of the U.S. Congress:

    Urgent Appeal to Representatives and Senators of the U.S. Congress

    Tuesday, 7 May 2013

    Dear Honourable Ladies and Gentlemen,

    Thousands of Australian citizens have joined a campaign to call on our Parliament to act for the Glass Steagall separation of banks in our country.

    This campaign draws to the attention of our legislators the real threat facing our Australian banking system from the deepening global financial crisis; a crisis which puts at serious risk the bank deposits of the Australian people, and essential banking services for the real economy.

    We have requested that our legislators take immediate action to protect deposits and normal commercial banking services, by enacting strict banking separation as did U.S. President Franklin Roosevelt’s Glass-Steagall Act 1933.

    The original Glass-Steagall Act 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 have asked our legislators 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.

    Therefore, we respectfully appeal to you to re-enact the banking separation of the original Glass Steagall Act, in the form of the HR 129 “Return to Prudent Banking Act” sponsored by Representatives Marcy Kaptur and Walter Jones.

    Yours sincerely,
    Craig Isherwood
    National Secretary/Treasurer
    Citizens Electoral Council of Australia

Click here to add your name and position in support of this letter. (Your name and position will appear alongside that of Craig Isherwood on the letter distributed to the members of the U.S. Congress.) The deadline for support is 10 May.

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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