Glass-Steagall petition

    The CEC has launched a new petition to the Commonwealth Parliament, calling for immediate legislation to enact a Glass-Steagall-style banking separation in Australia, to protect deposits and essential banking services from looming financial shocks.

    Click here to download a PDF copy of the petition to print and collect signatures on.

    Or, sign the electronic version below and we will mail you a hardcopy/s.

    Break up the big banks now—pass Glass-Steagall!

    To the Honourable The Speaker and Members of the House of Representatives assembled:

    This petition of the Citizens Electoral Council draws to the attention of the House that even such institutions as the IMF, the Bank for International Settlements, and the U.S. Federal Reserve are now warning of a new, far more severe financial crash than that of 2008.

    Transatlantic and Commonwealth governments have bailed out the Too-Big-to-Fail (TBTF) banks with US$19 trillion since 2008, virtually all of which has been used for speculation; the banks are now 40 per cent larger; and the derivatives exposure of Australia’s own banks has soared from $14 trillion in 2008 to $38 trillion now. Moreover, these TBTF banks have repeatedly been caught in criminal activity like drug-money laundering, terrorism financing, mortgage fraud, interest rate and exchange rate rigging, and more.

    The world must replace this disastrous, corrupt system now, before the next crash. We the undersigned therefore call on the House to do Australia’s part, and legislate the following:

    1) a full Glass-Steagall separation of Australia’s banks to protect normal commercial banking and deposits from the wild speculation of today's TBTF banks;

    2) a national bank modelled on the original Commonwealth Bank to create massive new credits to revive our manufacturing, agricultural and other productive industries;

    3) a program of major water, power and transportation infrastructure projects, in Australia and in our region, cooperating with China's "One Belt, One Road" program—in which 100 nations are already participating—to spur global economic recovery and provide for an enduring peace.

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Click here to read the CEC's submission to the 2014 Financial System Inquiry.

Click here to find out more about Glass-Steagall.

Click here to read the article Why Australia urgently needs a Glass-Steagall banking separation (HTML)
(Click here for the PDF version)

Click here to read the article Why Australia urgently needs a national bank (HTML)
(Click here for the PDF version)

Video message from CEC Leader Craig Isherwood:
Join us in mobilising for Glass-Steagall! (2.41 mins)

Craig Isherwood: Urgent Appeal to Representatives and Senators of the U.S. Congress