Citizens Electoral Council of Australia

5,908 supporters

The Citizens Electoral Council of Australia is a Federally registered, independent political party. For more information: Visit our website, Facebook or call our National office in Melbourne Australia - 1800 636 432

Started 2 petitions

Petitioning Scott Morrison, Bill Shorten, Chris Bowen, Adam Bandt, Cathy McGowan, Rebekha Sharkie, Andrew Wilkie, Michael McCormack, Barnaby Joyce, George Christensen, John Alexander, Tim Wilson, Ross Vasta, K...

Pass Australian Glass-Steagall Bill to break up the banks

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.  

Citizens Electoral Council of Australia
3,945 supporters
Petitioning Malcolm Turnbull

Break up the big banks now—pass Glass-Steagall!

TO THE HONOURABLE THE SPEAKER AND MEMBERS OF THE HOUSE OF REPRESENTATIVES This petition of the Citizens Electoral Council draws to the attention of the House that even such institutions as the IMF, the Bank for International Settlements, and the U.S. Federal Reserve are now warning of a new, far more severe financial crash than that of 2008. Transatlantic and Commonwealth governments have bailed out the Too-Big-to-Fail (TBTF) banks with US$19 trillion since 2008, virtually all of which has been used for speculation; the banks are now 40 per cent larger; and the derivatives exposure of Australia’s own banks has soared from $14 trillion in 2008 to $38 trillion now. Moreover, these TBTF banks have repeatedly been caught in criminal activity like drug-money laundering, terrorism financing, mortgage fraud, interest rate and exchange rate rigging, and more. The world must replace this disastrous, corrupt system now, before the next crash. We the undersigned therefore call on the House to do Australia’s part, and legislate the following: a full Glass-Steagall separation of Australia’s banks to protect normal commercial banking and deposits from the wild speculation of today’s TBTF banks; a national bank modelled on the original Commonwealth Bank to create massive new credits to revive our manufacturing, agricultural and other productive industries; a program of major water, power and transportation infrastructure projects, in Australia and in our region, cooperating with China’s “One Belt, One Road” program—in which 100 nations are already participating—to spur global economic recovery and provide for an enduring peace.

Citizens Electoral Council of Australia
1,963 supporters