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Glass-Steagall

History: Glass Steagall Act: Definition, Purpose, and Repeal : This 1933 Law Would Have Prevented the Financial Crisis

Definition of The Glass Steagall Act: The Glass-Steagall Act is a law that prevented banks from using depositors' funds for risky investments, such as the stock market. It was also known as the Banking Act of 1933 (48 Stat. 162). It gave power to the Federal Reserve to regulate retail banks. It also prohibited bank sales of securities. It created the Federal Deposit Insurance Corporation (FDIC).
Glass-Steagall separated investment banking from retail banking.

Glass Steagall needs to be introduced into Australia to stop the next Financial Crisis.

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Banking Royal Commission is a game-changer—it must be expanded

The Financial Services Royal Commission in its first fortnight of hearings in March laid bare the massive mortgage fraud in the major banks, and exposed the banks as criminal enterprises. This week it is holding hearings into the big banks’ financial advice scams, and the “vertical integration” structure that enables the banks to direct depositors into their other businesses to be fleeced.

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CEC drafts Banking System Reform (Separation of Banks) Bill 2018—join the fight to make Parliament pass Glass-Steagall!

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.

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A true ‘People’s Bank’ is a national bank, not the Greens’ mortgage lending scheme

Australia desperately needs a “People’s Bank”, but the scheme announced by the Greens on 4 April is not such a bank. The Greens’ finance spokesman Senator Peter Whish-Wilson is a former investment banker, and he has distorted the People’s Bank concept into a typical investment banker’s scheme to effectively funnel even more credit into the over-stretched housing bubble.

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Top reasons the Banking Royal Commission must investigate APRA

The terms of reference that Malcolm Turnbull gave to the Banking Royal Commission only allow it to examine specific failings of regulators in relation to banking misconduct. It is not allowed to examine “macro-prudential policy”, which is the regulatory structure of the financial system, and the policies of the Australian Prudential Regulation Authority (APRA), the bank regulator.

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