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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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Why Glass-Steagall?

Dr Wilson Sy of Investment Analytics Research, and former Principal Researcher at the Australian Prudential Regulation Authority (APRA), on 4 July issued the following explanation of why Australia needs a Glass-Steagall structural separation of banks. Bob Katter and Andrew Wilkie introduced Glass-Steagall legislation for Australia, the Banking System Reform (Separation of Banks) Bill 2018, in Parliament on 25 June.

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Why Europe’s financial casino fears Glass-Steagall in Italy

At the centre of the recent political turmoil in Italy is Glass-Steagall. The two parties that won the 4 March election, the right-wing Lega Nord and left-wing Five Star Movement (M5S), are very different but united by their opposition to the power of the European Union, and support for key financial policies, including a Glass-Steagall separation of commercial and investment banking, and a national investment bank.

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Government still lying about bail-in and deposits, to protect banks from Glass-Steagall

The Treasury official, Financial System Division head Diane Brown, made these false claims to justify why the government has “no intention of legislating to structurally separate retail and commercial banking from investment banking in Australia”, i.e. a Glass-Steagall separation, for which the CEC has drafted legislation that Bob Katter MP intends to introduce in Parliament.

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Australian political insider issues renewed warning of ‘economic Armageddon’

The urgency of a Glass-Steagall separation of deposit-taking banks from dangerous speculation, is that it is necessary to protect Australians from a financial collapse. A 27 May 2018 column in news.com.au has reported the warnings of former adviser to the Liberal-National Coalition, John Adams, that such a collapse, which Adams calls an “economic Armageddon”, is looming over Australia.

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CEC issues new handbook: ‘Time for Glass-Steagall Banking Separation and a National Bank’

The Citizens Electoral Council has just released a 100-page handbook titled “The Next Financial Crash Is Certain! End the BoE-BIS-APRA Bankers’ Dictatorship. Time for Glass-Steagall Banking Separation and a National Bank”, which deals with all aspects of the profound crisis of banking in Australia, and provides the urgently required solutions to rebuild the national economy.

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