Submitted on Monday 23rd January 2017
Rejected on Tuesday 7th February 2017
Current status: Rejected
Rejection code: no-action (see below for details)
Pass Glass-Steagall banking separation, now!
The IMF, the BIS and many financial experts are warning of a new global financial crash far worse than 2008, which will be caused by the same forces: the unbridled speculation in derivatives, and outright criminal activity, of City of London and Wall Street megabanks.
The USA's 1933 Glass-Steagall Act, which strictly separated deposit-taking commercial banks from investment banks engaged in speculation, protected the US economy for 66 years. On top of London’s 1986 Big Bang deregulation, its repeal in 1999 led to the formation of the Too-Big-To-Fail banks. Restoring Glass-Steagall is non-partisan: 445 UK MPs and Lords from all parties voted for it in 2013; Bernie Sanders and Donald Trump campaigned for it in the 2016 US election. Pass Glass-Steagall, now!
You can't sign this petition because it was rejected. But you can still comment on it here at Repetition.me!
The Government e-Petitions Team gave the following reason:
We're not sure what you would like the Government or Parliament to do. The Financial Services (Banking Reform) Act 2013 requires banks to ring-fence the retail and investment arms of their businesses by 2019, meaning the action you have requested is already law.
You can find out more about the 2013 Financial Services (Banking Reform) Bill and its requirements here:
http://researchbriefings.parliament.uk/ResearchBriefing/Summary/RP13-15
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