Stop 'bail-in' law that steals Australians' savings
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We the undersigned call on Parliament to reject the Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Bill 2017. The bill gives the bank regulator APRA sweeping powers to prop up failing banks by confiscating the savings that Australians hold in those banks, which is known as "bail-in". At stake is the investment savings of hundreds of thousands of retirees, and the ordinary deposits of all Australians, including individuals, businesses, charities and organisations. This unjust, destructive legislation must be scrapped and replaced with the policy called Glass-Steagall, which separates banks with deposits from financial speculation, to protect both savings and banks.
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