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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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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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Treasury concedes to ‘benefits’ of breaking up the banks

In its last day of hearings on 27 April the banking royal commission asked Treasury, the regulators and the banks to justify so-called vertical integration, i.e. banks owning the businesses that create the financial products that the banks advise their customers to buy. In response, Treasury has done a backflip of sorts from its years of defending vertical integration, to concede that there will be benefits from a structural separation of banking. For their part, each of the big banks forcefully opposed structural separation. If anything, this is the best argument for it—if the criminal banks don’t want to be broken up, it must be right!

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APRA blatantly props up housing bubble to rescue the crooked banks

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 expunged.

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To the Commonwealth Parliament: Pass Australian Glass-Steagall Bill to break up the banks

The Financial Services Royal Commission’s exposure of banking misconduct and crimes proves that the banks must be broken up. Traditional commercial banking, of taking deposits and making loans, should not mix with investment banking, insurance, stock broking, funds management, financial advice, superannuation, hedge funds and private equity funds.

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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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