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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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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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Banks are structured to exploit customers—the Royal Commission must investigate APRA and banking structure

Stop Press: The editors of the Australian Financial Review, who opposed a Banking Royal Commission at every turn, today (13 March) insisted it “is not designed to be an inquiry into how our entire successful banking industry has been structured, and nor must it become one”. The banks’ cheerleaders at AFR also expressed fear that the Royal Commission could set up expectations of “a forced break-up of their [the banks’] activities”. Read the following release, drafted yesterday before the AFR editorial came out, which explains why the Royal Commission must do precisely what the AFR says it mustn’t.

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The great bail-in cover-up underway

Since they rushed through the APRA crisis resolution powers law on Valentines Day with just seven senators present and no formal vote, the government and financial authorities are working over time to cover up that they have just legislated what one expert has called “martial law” for the next financial crisis, under which Australians will lose their savings to prop up failing banks.

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