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{
    "id": 267538,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/267538/?format=api",
    "text_counter": 499,
    "type": "speech",
    "speaker_name": "Mr. Keynan",
    "speaker_title": "",
    "speaker": {
        "id": 41,
        "legal_name": "Adan Wehliye Keynan",
        "slug": "adan-keynan"
    },
    "content": "Mr. Deputy Speaker, Sir, these were the comments of one of the analysts. He said, “The Governor of the Republic of Kenya was asleep at the wheel” and another one said, “He missed the plot entirely” which means he did not understand what was going on. This is not me. Mr. Deputy Speaker, Sir, the person and institution tasked with this job have slept on the job; nobody is saying the Governor is culpable at this stage. We are saying that because there are unique issues that happened during this period of time in line with the provisions of the Banking Act and Central Bank of Kenya Act, the Governor should step aside so that due process can take place. If indeed, investigations find that the man was not culpable, he will come back. At this stage nobody should have the slightest idea or feeling that we are saying the Governor is culpable, no. We are saying that something happened. We realized there was communication breakdown between him and the key institutions. Again, the issue of the monetary policy was turned into a club. This is a committee that would have handled professionally the issue of interest rates and other policy issues on the CBK and the financial sector. This, again, is a club of a professor and his student. It is known and not something that I am going to speculate. We have suggested a number of legal amendments for the position of the Governor and the Deputy of the CBK to be advertised in a transparent and professional manner so that he does not become an appointee at the whims of any individual. Mr. Deputy Speaker, Sir, we have also said that in the CBK the Governor is both the chairman of Board of Governors and the Governor. We said we should suggest institutional separation so that the Governor remains the Governor and there is a board. This is an amendment we are suggesting to the CBK Act. We are also saying at least the department that is in charge of bank supervision must be strengthened so that they can at least detect some of these shortcomings. Again, we are also saying the sanctions against some of the banks or financial institutions that are engaged in arbitrage and other criminal activities are minimal. We are suggesting an amendment. We are also suggesting the monetary policy committee to be enlarged. Mr. Deputy Speaker, Sir, we are also saying the issue of supervisory, oversight and institutional role of CBK should develop tools efficiently to monitor financial markets. On the independence we are also suggesting that---"
}