Urgent Appeal to Representatives and Senators of the U.S. Congress
Tuesday, 7 May 2013
Dear Honourable Ladies and Gentlemen,
Thousands of Australian citizens have joined a campaign to call on our Parliament to act for the Glass Steagall separation of banks in our country.
This campaign draws to the attention of our legislators the real threat facing our Australian banking system from the deepening global financial crisis; a crisis which puts at serious risk the bank deposits of the Australian people, and essential banking services for the real economy.
We have requested that our legislators take immediate action to protect deposits and normal commercial banking services, by enacting strict banking separation as did U.S. President Franklin Roosevelt’s Glass-Steagall Act 1933.
The original Glass-Steagall Act split deposit-taking, standard commercial banks from Wall Street’s speculative investment banks, creating entirely separate entities under different roofs, thus successfully protecting the U.S. banking system until Glass-Steagall’s repeal in 1999.
We have asked our legislators to apply the Glass-Steagall principle to Australia through legislation to divide each of our four major banks into two parts: 1) normal commercial banks as per Glass-Steagall standards, and 2) institutions involved in investment banking and other forms of speculation. Banks that speculate will then do so with their own money and at their own peril, with no government protection whatsoever.
Therefore, we respectfully appeal to you to re-enact the banking separation of the original Glass Steagall Act, in the form of the HR 129 “Return to Prudent Banking Act” sponsored by Representatives Marcy Kaptur and Walter Jones.
As America goes, so goes the world.
Craig Isherwood: National Secretary/Treasurer, Citizens Electoral Council of Australia, Victoria
Ann Lawler: Chairman, Citizens Electoral Council of Australia, New South Wales
Sam Adil: President, Albanian Australian Muslim Society, Queensland
Christopher John Pepper: Deputy President, Beverley Shire Council, Western Australia
Heather Phillips: Councillor, Horsham City Rural Council, Victoria
Jean Robinson: State Secretary, Western Australia Division of the Citizens Electoral Council, Kojonup, Western Australia
Lorraine Thomas: Councillor, Shire of Ashburton, Western Australia
Gordon Hancock: Mayor, Southern Mallee District Council, Victoria
Barbara Dunnet: Councillor, Nannup Shire Council; Executive Member: Red Meat Action Group, Western Australia
Arnold Carter: Deputy Mayor, Town of Port Hedland, Western Australia
Dale Frankel: Chairman, Wimmera Irrigators Association, Victoria
Trudy Campbell: State Secretary, Northern Territory Division of the Citizens Electoral Council, Darwin, Northern Territory
Lou Loizou: Councillor, Burdekin Shire Council, Queensland
Robert Grant: Councillor, City of Charles Sturt, South Australia
Jan Pukallus: State Secretary, Queensland Division of the Citizens Electoral Council, Queensland, Beenleigh, Queensland
William Ingrey: Delegate, Australian Manufacturers Workers Union, Queensland
Clive Bartron: Former Councillor, Narrogin Shire Council, Western Australia