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{
    "id": 1283470,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1283470/?format=api",
    "text_counter": 185,
    "type": "speech",
    "speaker_name": "Molo UDA",
    "speaker_title": "Hon. Kuria Kimani",
    "speaker": null,
    "content": " Hon. Speaker, I beg to move the following Motion: THAT, taking into consideration the findings of the Joint Committee of the National Assembly Departmental Committee on Finance and National Planning and the Senate Standing Committee on Finance and Budget in its Report on the vetting of a nominee for appointment as the Chairperson of the Board of Directors of the Central Bank of Kenya, laid on the Table of the House on Thursday, 14th September 2023, and pursuant to Section 11(2A) of the Central Bank of Kenya Act (Cap 491) and Section 8(1) of the Public Appointments (Parliamentary Approval) Act, 2011, this House approves the appointment of Mr Andrew Mukite Musangi as the Chairperson of the Board of the Central Bank of Kenya. Before setting the specifics of the approval hearing, it is befitting to understand the motivation behind this vetting exercise. Article 231 of the Constitution establishes the Central Bank of Kenya, an institution responsible for formulating monetary policy, promoting stability in the economic space, issuing currency and performing other actions as may be confirmed by an Act of Parliament. Section 11(2A) of the Central Bank of Kenya Act establishes the office of the chairperson of the Central Bank who is appointed by His Excellency the President through a transparent and competitive process with the approval of the Parliament. The chairperson oversees all the board meetings and should be an individual who is knowledgeable and experienced in matters of monetary policy, financial banking, economic matters and other disciplines as stipulated in the Central Bank Act. Hon. Speaker, the President nominated Mr Andrew Mukite Musangi for the position of the chairperson of the Central Bank of Kenya and communicated the same to the National Assembly and the Senate. The Speaker of the Senate and yourself, Hon. Speaker, directed that a joint committee of the Departmental Committee of Finance and National Planning of the National Assembly and the Standing Committee of Finance and Budget of the Senate conduct approval hearings and submit a report to this House. The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}