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COSATU on Sugar Tax Part 1 of 3
COSATU on Sugar Tax Part 1 of 3
Interview with Sdumo Dlamini on unity and cohesion of COSATU
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Media Centre  |  COSATU Press Statements

Community Reinvestment Bill

26 August 2003

The Congress of South African Trade Unions has been given to understand, in engagements at NEDLAC, that government plans to withdraw the Community Reinvestment Bill.

The Bill represented a cornerstone of efforts to ensure that working people have access to affordable home loans. It provided for government monitoring and evaluation of financial institutions in this regard. That, in turn, represented an important first s tep toward reformation of the financial sector to ensure that it serves all our people.

Instead of using its own power, government now wants to rely on bilaterals with the financial sector through the Financial Sector BEE Charter process. This process is closed, secretive and exclusive, and cannot replace action by the democratic state with c o-operation from NEDLAC.

This type of unilateral action can only undermine the collaborative approach developed at the recent Growth and Development Summit.

Government should immediately reverse its decision and take forward the Community Reinvestment Bill.

Patrick Craven
Acting COSATU Spokesperson

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