Citizens Electoral Council of Australia

Media Release Tuesday, 24 April 2018

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

PETITION

To the Commonwealth Parliament: Pass Australian Glass-Steagall Bill to break up the banks

The Financial Services Royal Commission’s exposure of banking misconduct and crimes proves that the banks must be broken up. Traditional commercial banking, of taking deposits and making loans, should not mix with investment banking, insurance, stock broking, funds management, financial advice, superannuation, hedge funds and private equity funds. These activities expose banks and their deposits to risks, and their cross-promotion by banks is a conflict of interest that makes customers vulnerable to exploitation.

Australia needs a Glass-Steagall separation of commercial banks from all other financial activities. The USA’s Glass-Steagall Act protected Americans from financial crises for the 66 years it was in force, from 1933 to 1999. Parliament must pass the Australian Glass-Steagall legislation drafted by CEC Australia, the Banking System Reform (Separation of Banks) Bill 2018, which Bob Katter MP has announced he will introduce as a Private Member’s Bill, to break up the banks and protect bank customers and their savings.

Click here to sign and share the change.org petition.

Click here for a free copy or copies of the CEC’s booklet containing the Australian Glass-Steagall Bill, the Banking System Reform (Separation of Banks) Bill 2018, and Explanatory Memorandum.

Click here to participate in the CEC’s mobilisation to get Parliament to pass Glass-Steagall.

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.