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{
    "id": 235223,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/235223/?format=api",
    "text_counter": 366,
    "type": "speech",
    "speaker_name": "Mr. Kimunya",
    "speaker_title": "The Minister for Finance",
    "speaker": {
        "id": 174,
        "legal_name": "Amos Muhinga Kimunya",
        "slug": "amos-kimunya"
    },
    "content": " Mr. Temporary Deputy Chairman, Sir, I beg to move:- THAT, Clause 55 of the Bill be amended–-- (a) in paragraph (a)(i), by deleting all the words appearing immediately after the word \"Chairman\" in the proposed subsection (1)(a); (b) by deleting subclause (b) and inserting the following- (b) by deleting subsection (2) and substituting the following new subsection- (2) The Chairman, Governor and the directors referred to in subsection (1)(d) shall be appointed by the President on the recommendations of the Minister and shall hold office for a term of four years each, but shall be eligible for re-appointment for one further term of a period not exceeding four years. Mr. Temporary Deputy Chairman, Sir, this amendment seeks to clarify the concerns that the Committee on Finance, Planning and Trade and the public had in terms of the introduction of the position of the chairman within the Central Bank of Kenya. What we have done within a series of amendments from this and a whole series of many others is to clarify what the chairman can do, exactly as we agreed with the Committee on Finance, Planning and Trade. In fact, I am surprised that the amendments by the Committee on Finance, Planning and Trade are still there, because we had agreed that once we clarify these issues, then we do not need to delete the clause. We just need to define what the chairman can do. There are a series of new clauses that we have done. Basically, let me explain here, like I explained before, currently, the Central Bank of Kenya has a Board, which is chaired by the Governor. The board is defined in Section 10 of CAP.491 that says: \"There shall be a Board which shall determine the policy of the bank\". Section 13 says: \"There shall be a Chief Executive who is the Governor and who is answerable to the Board\". But the law also says that the Governor will also be chairing the Board. So, we have a convoluted situation where the Governor answers to himself. What we have done is that, we have looked through all the best practices elsewhere and asked ourselves: \"How do we disentangle a situation where somebody is reporting to himself?\" The safeguards we are putting here is to ensure that all the concerns that the Committee on Finance, Planning and Trade had have been taken care of. Therefore, I would like to really appeal to hon. Members that if we are serious on ensuring that the Board of Directors at the Central Bank of Kenya is empowered as a Board and the Governor is protected and insulated from interference by Ministries and Permanent Secretaries, by virtue of him being subject to the Chairman of the Board, then this is the amendment we are seeking to bring here."
}