A federally-registered independent political party
On February 14 2018, the Federal Parliament passed the Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Bill 2017, which gives the Australian Prudential Regulation Authority (APRA) extraordinary powers during a financial crisis, including the possibility to confiscate deposits in order to rescue collapsing banks ("bail-in").
The Bill was examined by the Senate Economics Legislation committee, after great pressure on MPs from our mobilisation. The Bill became an Act on Monday 5 March when it was given Royal Assent.
The CEC's fight against bail-in continues to get attention, such as in this good article in Byron Bay's independent newspaper, the Echo Net Daily. In it Greens Senator Peter Whish-Wilson is rudely dismissive of the CEC's concerns, as if they are illegitimate because we are a political party. Yet his only counter to what we say about the broad language of the law is we need to "trust" APRA.
Whish-Wilson is a fraud: the week he helped to rush the law through the Senate, he refused to meet with former APRA principal researcher Dr Wilson Sy, who would have told him, from firsthand experience, why he shouldn't trust APRA. The Greens' banker-senator didn't have to believe Dr Sy, but he should have heard what he had to say. Instead, he refused.
At the end of the day, Whish-Wilson sided with his fellow bankers in the Liberal Party and the banks' accomplices in APRA to wave through sweeping powers for APRA to prop up the gambling debts of banks with the savings of Australians. This definitely includes the savings unsuspecting mums and dads have invested in so-called hybrid securities, and possibly the savings in normal deposit accounts, because they rushed the law through before One Nation senators could move their amendment to explicitly exclude deposits from the law.
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Thursday, 1 March 2018: Pauline Hanson questions APRA Chairman Wayne Byres on deposits at Senate Estimates
Senator Pauline Hanson asked APRA Chairman Wayne Byres about the APRA bail-in Bill and the issue of deposits at today's Senate Estimates hearing in Parliament House. Senate Economics Legislation Committee Chair Senator Jane Hume tried to interject and said that these are questions from the Citizens Electoral Council. Watch the video, Byres' opening remarks start at 11:31.10, Pauline Hanson’s questions start at 12:15:27 Read more in The great bail-in cover-up underway
CEC waking up Australians on the streets about the APRA bail-in Bill The fallout from the passage of the APRA bail-in Bill is everywhere. CEC organisers on the streets are receiving a great response. People are sharing their experiences. Look out for this sign! Contact us on 1800 636 432 if you want to join us on the streets.
Keep reading for more background on the APRA legislation.