Here’s some lovely legislation you may have missed that Smokin’ Joe Hockey’s government passed quietly through the senate by 7 (yes, only seven) senators:

Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Bill 2017

If the scary Orwellian title isn’t enough, basically this bill allows banks (in the event of a ‘crisis’ - what's happening now?!?) to seize the funds of their customers in order to maintain solvency.

What kind of people would punch down like that, stealing the savings of Mum and Dad investors in order to prop up the big banks? Or retirement money? Or our kids' inheritance? Our federal government would!

The full bill is here if you care to read it:

https://www.legislation.gov.au/Details/C2017B00233/Explanatory%20Memorandum/Text

From that bill, some examples:
Example 1: if an account holder has a single protected account with a balance over the FCS limit of $250,000 (say $400,000), then, applying the current limit under section 16AG, only $250,000 of that account would transferred to the receiving body with the remainder ($150,000 in the example) left behind to be claimed by the account-holder in the insolvency of the declared ADI.

Example 2: if an account-holder has two or more protected accounts with an aggregate balance of over $250,000, then their balances totalling $250,000 would be transferred to the receiving ADI with APRA having the discretion to split the accounts to achieve this purpose. The remainder of the balance of the accounts would be left behind to be claimed in the insolvency of the declared ADI [Schedule 1, item 218, paragraph 16AIA(1)(c)(ii) of the Banking Act]

Think this doesn't apply to you because $250k is a lot of savings? What about:

• People who are saving for a house
• Grandparents pooling their savings for their grandchildren
• Small businesses
• Mum and Dad investors who are just trying to get ahead

It doesn't matter how much cash you or anyone has in your account: it's not up to the Government or the banks to decide they can take it from you.

I'm sure you can think of more examples!

If they can sneak this legislation past us, what's to stop them sneaking more pernicious changes through?

Why do we constantly have to continue prop up these banksters?

What we are asking for:

1. Revocation of this legislation
2. Enactment of legislation that protects savers from the banks getting their grubby hands on our hard-earned

Thanks for reading, and please share with your family, friends, and colleagues.

References:

1. Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Bill 2017 - https://www.legislation.gov.au/Details/C2017B00233/Explanatory%20Memorandum/Text
2. Australia’s Scary New Bank Bail-in Laws - https://bradjamesmatthews.com/australia-new-bank-bail-in-laws/
3. Deposit Insurance Is No Protection Against Bail-In - https://www.adamseconomics.com/post/deposit-insurance-is-no-protection-against-bail-in
4. Sold A Pup – The Bank Deposit Bail-In - http://digitalfinanceanalytics.com/blog/sold-a-pup-the-bank-deposit-bail-in/