“Why are we doing this?”

`Make no mistake, this a bank bail-out that directly cuts down the rights of consumers. And the “big banks only” policy process is banana-republic stuff.‘

Via NZTU to ALL of the National Parliamentary Caucus – A Love Letter from the ANZ and ASB Banks.

Finance Minister Nicola Willis and Commerce Minister Scott Simpson are the key decision makers on this Bill. We are reliably informed that NZ First and ACT have real worries with the retrospective elements – but the relevant Ministerial portfolios sit within National. 

Email the Minister of Finance and the Minister of Commerce, asking them to stand with consumers, not the big banks.

Comment.

The above are extracts from an email I have received from the Taxpayers Union and I agree that there is something wrong with this.

There is nothing I can see where ACT and NZFirst stand on this so I suggest if you are emailing any National MP’s at least include David Seymour and Winston Peters as well. It is hard to see this rort being covered by an Coalition agreements.

I leave the final word with the NZTU

It’s this sort of unprincipled law making that can really hurt a government. As has been made clear by respected financial commentators and the Law Society, these changes are not needed and are unprincipled.