South Africa: The EFF Statement On the Objection to the Banks Amendment Bill

press release

On Wednesday, the 6th of May 2015, The Economic Freedom Fighters objected to the adoption of the Banks Amendment Bill in Parliament, and called for the division before the Bill could be adopted. We have seen in the past appointments of curators, some from multinational corporations who are participating in aggressive tax avoidance on behalf of the very same banks that now requires Parliament to change legislation so that we can continue benefitting white capital monopoly while the poor and working South African's are exposed to high unsecure lending practices of loans they cannot afford.

The basis of the EFF objections to the Banks Amendment Bill is primarily that, state intervention to failing banks must not be appointment of curators. Credible and sustainable banking system, like we witnessed during the 2008 financial crisis caused by the very same banks, can be the backbone of the economy and can also play a critical role in eradicating deep rooted mass unemployment and level of inequality that is both morally unacceptable and constitute a real threat to the country's social and economic stability.

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