For the last fortnight the Citizens Electoral Council has displayed a banner outside of the Banking Royal Commission hearings in Melbourne that reads: “Investigate the banks’ accomplice APRA!” APRA’s latest action proves why it is absolutely necessary the Royal Commission investigate its practices and so-called “macroprudential” policies, if the causes of the extensive criminality in Australia’s banking system are to be fully exposed and expun
The Member for Kennedy, Bob Katter, is collaborating with the Citizens Electoral Council-led campaign for a Glass-Steagall separation of Australia’s banks.
Mr Katter will introduce the newly drafted Banking System Reform (Separation of Banks) Bill 2018 into the Commonwealth Parliament as a Private Member’s Bill.
The only way to protect the economy and your savings from a financial crash and “bail-in” is with a Glass-Steagall separation of the banking system, to protect deposits from speculation.
The CEC has carefully drafted Australian legislation to separate the banks, modelled on the USA’s successful Glass-Steagall Act of 1933 and the proposed 21st Century Glass-Steagall Act.
Under siege from erupting public opposition, the Turnbull government whisked its APRA crisis resolution bill through the Senate and into law on 14 February. Of Australia’s 76 senators, only eight were present when the government rushed the bill to a vote, which passed “on the voices”, with no opposition from the Labor or Greens senators present.
Major party politicians are putting the economic security of all Australians at serious risk by their misplaced confidence in the Australian Prudential Regulation Authority (APRA), the bank regulator.
