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Katter and Hanson table bank reform bill initiating another inquiry

The Senate Economics Legislation Committee on 14 February initiated an inquiry into the Banking System Reform (Separation of Banks) Bill 2019.

This landmark senate inquiry was ignored by big media which preferred sensationalising the dust-up between One Nation’s James Ashby and its former senator Brian Burston in the halls of the senate.

from Citizens Electoral Council

This is a major blow for the banks, which had assumed that the Hayne Report from the banking royal commission, which did not recommended structural separation, would be the final word on the issue—bank shares soared on the news they wouldn’t be broken up. They celebrated too early, however.

Pauline Hanson joins forces with Bob Katter to separate bank industry superannuation and insurance from banking

 

On 12 February, a week after Hayne’s report became public, Senator Pauline Hanson introduced into the Senate the same bill that Bob Katter had introduced into the House of Representatives in June 2018. This bill was carefully drafted by the Citizens Electoral Council based on the USA’s successful Glass-Steagall Act of 1933 and the updated “21st Century Glass-Steagall Act” bill currently before Congress, adapted for Australia’s financial system.

The bill separates traditional commercial banks that take deposits and make loans from all other financial activities. This solves the problems of both vertical integration—the gross conflict of interests involving banks advising their customers to buy products from other businesses the banks also own; and horizontal integration—banks mixing commercial banking with risky investment banking that puts customer deposits, and the whole economy, in danger. The bill also brings the failed bank regulator APRA (Australian Prudential Regulation Authority) under much tighter parliamentary control.

Support

 

Bob Katter joins forces with Pauline Hanson to separate bank industry superannuation and insurance from banking

Bank separation has the support of most cross-bench politicians in Parliament, including the Greens, Centre Alliance, One Nation and independents. It is also supported by key backbenchers in all of the major parties. The Labor Party had said they would support it if recommended by the royal commission; however, sticking with that position is untenable. They know that Commissioner Hayne’s terms of reference forbade the investigation of “structure”, which Labor had intended a royal commission would have looked at. Also, even Labor’s senior statesman Paul Keating has strongly criticised Hayne for not recommending structural separation.

(Hayne’s recommendation against structural separation is a scandal: that section in his report includes a blatant lie, and experts familiar with public inquiries have accused Treasury of a “dirty trick” to rig the outcome in favour of the banks.)

Opposition

The opposition to separation comes from the big banks, the discredited regulators which are captured by the banks, and the leadership of the major parties who take huge donations from the banks. The banks wish to keep the parasitical structure that has enabled them to amass huge profits, not only through gouging their customers but also through gambling with their deposits, which they use to underwrite their huge derivatives bets that collectively amount to more than $40 trillion. There is a revolving door between the banks and regulators: high-powered executives from banks take key positions in the regulators, such as ex-UBS chief John Fraser taking over as Treasury Secretary in 2013-18 and former senior investment bankers holding six of the nine positions on the executive of bank regulator APRA; and regulators retire to plum banking positions, such as former Treasury Secretary Ken Henry becoming chairman of NAB and former RBA governor Glenn Stevens joining the board of Macquarie Bank. And not only do the big banks donate to the major parties, but so does the Australian Banking Association which lobbies for them, as do the Big Four global accounting firms which audit the major banks and have a track record of covering up dodgy bookkeeping by banks all over the world.

Make a submission

This inquiry is the chance for the Australian public to force the debate on banking separation that the royal commission was not allowed to have. The Senate Economics Legislation Committee is taking submissions from the public, so every concerned Australian should make a submission.

Here are some points to note about the Glass-Steagall principle of full banking separation:

  • It works, as proved by its success for almost 70 years (1933-99) in America;
  • It ends the conflicts of interests of vertical integration, which is the only way to ensure the misconduct exposed by the royal commission can’t happen again;
  • It protects deposits from the dangers of speculation, which boosts confidence in the banking system;
  • It stops banks from diverting credit into unproductive financial speculation, thus making more credit available for lending to neglected sectors such as small business, industry and farming.

The submissions deadline is 12 April, but don’t delay—make your submission today!

How to make a submission

Written submissions can be delivered to the Committee in two ways: 1) by physical post; 2) online.

  1. Post your written submission to: Senate Standing Committees on Economics
    PO Box 6100
    Parliament House
    Canberra ACT 2600
    Phone: +61 2 6277 3540
    Fax: +61 2 6277 5719
    Email: economics.sen@aph.gov.au
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If you have been done over by the banks you must attend this Royal Commission seminar

Townsville Seminar Thursday 1st and Friday 2nd of February 2018

 9.00am to 5.00pm

Grand Chancellor Hotel Townsville

For all Farmers, Rural Small Businesses and Home owners

Speakers Senator Fraser Anning, Don Bundesen, Leon Ashby (Chairman),

Andy McLaughlin, Stewart Jensen and one or two more speakers sharing their stories.

This Townsville Seminar is a follow up to the previous Seminar held on Wednesday the 13th of December 2017,

The above speakers want to support, and assist  farmers, small business owners & residential owners  with their complaints against  Banks, Lenders, Advisers, Solicitors, Valuers, Agents and Receivers to help prepare their submissions  and position paper  so they can be submitted  to the Banking Royal Commission.  

  • A print out of the Seminars notes will be available on the Friday.

 

Agenda

Thursday 1st Feb.  from 9 am onwards (appointments preferred)

 A workshop on how to prepare your submission (for those wanting to be walked through the process)

  • Getting your argument together in a minimal summary (1 – 4 pages)
  • copies of documents  to support your case –  which ones & why
  • Position paper – what it is & how to do it
  • What not to do
  • bookings , –  e-mail  Leon Ashby,  (advisor to Senator Fraser Anning) Leon.N.Ashby@aph.gov.au , 0435423636, or Andy McLaughlin Senior Rural Consultant & Mediator amcl3801@bigpond.net.au

 

Friday 2nd Feb,  9 am to 5 pm

 Senator Fraser Anning, Welcoming guests and speakers

 Opening address by the Chairman Leon Ashby

  • Craig Caulfield’s story
  • What has been learnt about banks so far
  • The outcome of the Senate Inquiry into Rural banking

Mr Don Bundesen:  lawyer options, opportunities with  the Royal Commission

Morning tea 20 minute break

 Senator Fraser Anning – government assistance and grants to keep you trading

 Andy McLaughlin negotiating with your bank

 Lunch 45 minutes

Stewart Jensen /credit liberation –  Legal avenues for dire situations

Andy McLaughlin and Leon Ashby – preparing your submission

  • Key points to get commission to understand your case easily
  • Understanding when and why a bank will not meet with you

Open forum and questions

 Afternoon tea 20 minutes

People who can help you – lawyers, consultants, advisors and others

Summary of day and final questions

 

It is important that farmers and small business people promote and attend this seminar and encourage those who have been affected by their banks actions come forward. All complaints will be restricted and kept confidential if necessary. Many guests and speakers will arrive on Wednesday the 31st 2018 if you wish to catch up before the seminar.    Please make a booking for accommodation at the Grand Chancellor hotel asap. Car Parks are allocated to booked rooms. We look forward to meeting you. We hope you will attend to learn what you can do to achieve the best possible results for you and your family.

   

Andy McLaughlin

Senior, Rural Consultant, Mediator and Seminar Organiser.

 

Click here to view terms of reference

BUST THE BANKS

We will face the crisis with aggression and unity – KAP

Charters Towers Debt Summit August 31, 2015

With less than a week until the Charters Towers Rural Crisis Summit, Member for Dalrymple Shane Knuth said he has felt a groundswell of interest.

” Since we announced that a summit would be taking place I have been fielding calls from graziers and small business owners in drought effected areas all over the state,” Mr Knuth said

“The amount of people who are getting involved in this is encouraging, the rural crisis really is the issue of our time.

shane-knuthMr Knuth who will be chairman on the day with KAP member for Mount Isa Rob Katter said while the speakers at the summit will help bring context, it is a priority locals are given the opportunity to speak.

“The summit is important but the action that follows after is essential,” Mr Knuth said.

“The resolutions devised and agreed upon at the summit will form a blue print for action in rural Queensland.”

Member for Mt Isa Rob Katter who held a similar summit in Winton last year said the rural crisis committee which has since become the backbone for rural advocacy in the area.

“Less than a year on the committee has been instrumental in applying strong pressures to the government in face to face meetings, but we aren’t done yet,” Mr Katter said.

“There needs to be a stronger and more direct connection with between the cattle producers, business owners and the policy makers, we are trying to facilitate this.”

KAP Federal member for Kennedy Bob Katter who will also be part of the day has widely encouraged people from all walks of life to join to help find a solution.

Mr Katter said the current high price of cattle due to the lack of stock available isn’t a consolation for struggling farmers because they themselves have no cattle to sell.

“There are answers here, and we have got to go to those answers with aggression and unity,” he said.

“Wandering around blaming political parties quite frankly isn’t going to get us anywhere, there is a big system of power there and we must assail it on the political front, the economic front and through social media.”

Mr Katter drew reference to the story of Charlie Phillott (speaking at the summit) who’s story written by David Pascoe, went viral and became the most shared post in Australian History.

“The people of Australia are  behind us, but we have got to know clearly what we want,” Mr Katter said.

“We must fight for survival.”

AGENDA

Final Agenda Charters Towers Rural Crisis Summit

Chaired by Shane Knuth and Robbie Katter

9.30- CUPPA

9:50 – Take your seats for the morning

10:00- Opening Address and Welcome Shane Knuth MP Member for Dalrymple

10:10- Andrew Jensen chairman Charter Towers Rural Crisis Committee, Committee work and goals for the day/ House keeping

10:15- Charlie Phillott face of the crisis/ Winton

10:20 – Bill Byrne MP, Minister for Agriculture Queensland Government

10.35 – Open Questions to Minister Byrne

10:50 – MORNING TEA

11.30 – Brian Egan, Aussie Helpers

11.40 – Cate Stuart, Formerly of Mount Morris Station

12:00 – Ben Rees, Australian Agriculture, the Real Story 12:15 – Dr Mark McGovern, Summing Up

12:45 – Committee Resolutions/ Other resolutions

1:30 – Bob Katter Federal Member of Kennedy, Closing address

For more information on the day please call: 0466-7 11-527

 

Government Bank Inquiry calling for Public Submissions

In case you were not aware the government House of Representatives on June 4th 2015, referred the terms of reference listed below, relating to the impairment of customer loans, to the Parliamentary Joint Committee on Corporations and Financial Services for inquiry and report by 31 March 2016.

sherlockWhat this means is that practices of banks and other financial institutions using a constructive default (security revaluation) process to impair loans by devaluing property held as security increasing the loan to equity ratio to suit their underhanded foreclosure agenda.

Be aware of previously conducted Parliamentary Inquiries that with considerable taxpayer funding did not halt the standover merchants of finance. Take time to read terms of reference and conclusions to get the picture how thick the whitewash was applied.

Joint Parliamentary Committee on Corporate and Financial Services4/5/2009 – Downloador read pdf report [HERE]

Senate Inquiry (Economics Committee) into the role of Liquidators Administrators18/12/2009 – Download or read pdf report [HERE]

The Effectiveness of the Australian Securities and Investment Commission23-7-2013 – Download or read pdf report [HERE]

The committee is looking for submissions from the public and the closing date is 21st August 2015.

I would suggest that everyone read submissions already presented with all farmers reading the 3rd submission put forward by Mr Richard B. Wright and Mrs Barbara Ann Wright. It’s all about ANZ destroying a very successful cattle farming business where bank receivers – sent cattle from a registered stud for slaughter – sent registered horses from a stud to be sold at dogger prices, and much more. [Click Here].

It is important for home owners, business owners and farmers, who have had a lender manufacture a default, to make a submission. However, pay particular attention to the terms of reference listed below, keeping your submission relevant to those terms or your efforts will be deemed not relevant.

Terms of Reference:

  1. practices of banks and other financial institutions using a constructive default (security revaluation) process to impair loans, whereconstructive default/security revaluation means the engineering or the creation of an event of default whereby a financial institution deliberately reduces,through valuation, the value of securities held by that institution, thereby raising the loan-to-value ratio resulting in the loan being impaired;
  2. role of property valuers in any constructive default (security revaluation) process;
  3. practices of banks and other financial institutions in Australia using non-monetary conditions of default to impair the loans of their customers,and the use of punitive clauses such as suspension clauses and offset clauses by these institutions;
  4. role of insolvency practitioners as part of this process;
  5. implications of relevant recommendations of the Financial System Inquiry, particularly recommendations 34 and 36 relating to non-monetaryconditions of default and the external administration regime respectively;
  6. extent to which borrowers are given an opportunity to rectify any genuine default event and the time period typically provided for them to doso;
  7. provision of reasonable written notice to a borrower when a loan is required to be repaid;
  8. appropriateness of the loan to value ratio as a mechanism to default a loan during the period of the loan; and
  9. conditions and requirements to be met prior to the appointment of an external administrator; and
  1. in undertaking this inquiry, the Committee take evidence on:
    1. the incidence and history of:
      1. loan impairments; and
      2. the forced sale of property;
    2. the effect of the forced sale of property in depressed market conditions and drought;
    3. comparisons between valuations and sale price;
    4. the adequacy of the legal obligations on lenders and external administrators (including s420A of the Corporations Act 2001) to obtainfair market value for the forced sale of property; and
    5. any related matters.

On 4 June 2015 the committee resolved that:

  • in conducting the inquiry the committee will not investigate or seek to resolve disputes between customers and banks; and
  • where the experiences of customers may inform the committee about the practices of banks, the committee welcomes submissions that explicitlyaddress the terms of reference.

Link to terms of reference – [HERE]

How to Making a Submission [Download pdf]

Committee Secretariat contact:

Committee Secretary
Parliamentary Joint Committee on Corporations and Financial Services
PO Box 6100
Parliament House
Canberra ACT 2600

Phone: +61 2 6277 3583
Fax: +61 2 6277 5719
corporations.joint@aph.gov.au

Financial System Inquiry Recommends an urgent ROYAL COMMISSION into Australian Banks

Please join this campaign to stop the banks from stripping our personal assets including our homes!

https://www.change.org/p/mr-david-murray-chairman-of-the-financial-system-inquiry-recommend-an-urgent-royal-commission-into-australian-banks-australian-non-banks-collapsed-companies-the-regulators-asic-apra-and-all-subsidiaries-and-joint-partners?recruiter=29024752&utm_campaign=mailto_link&utm_medium=email&utm_source=share_petition

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