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{
    "id": 319179,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/319179/?format=api",
    "text_counter": 414,
    "type": "speech",
    "speaker_name": "Mr. Githae",
    "speaker_title": "The Minister for Finance",
    "speaker": {
        "id": 159,
        "legal_name": "Robinson Njeru Githae",
        "slug": "robinson-githae"
    },
    "content": " Mr. Temporary Deputy Speaker, Sir, I beg to move that The Central Bank of Kenya (Amendment) Bill be now read a Second Time. I will be very quick because these are very basic amendments and they follow from what we passed in the Finance Act. The Government has continued to support the development of the banking sector, particularly enhancing the policy and regulatory framework which has been instrumental in widening the scope of customers and investors in the sector. These efforts by the Government have so far helped create a suitable environment for the mobilization of savings to finance projects in our economy. Mr. Temporary Deputy Speaker, Sir, the measures I have proposed in the Central Bank of Kenya (CBK) (Amendment) Bill of 2012 are aimed at further promoting good corporate governance practices at the CBK in line with what this House had partially implemented through the Finance Act of 2012. I will only highlight a few of the proposals as hon. Members will have an opportunity to debate the entire Bill during the Committee Stage. The Finance Bill of 2012 amended the CBK Act and created the position of the chairperson of the board of directors separating the role of the chair of the board from that of the Governor as the chief executive of the bank. However and unfortunately, the amendment did not provide for the procedure of the appointment of the chairperson thus making it difficult to implement the law. In order to correct this anomaly and facilitate the appointment of the chairperson to the bank, I have proposed to amend the CBK Act to provide for the procedure of appointment of the chairperson. Further, in order to facilitate smooth operations of the bank in the meantime, before the chairperson is appointed, I have further proposed to amend the CBK Act to allow for the existing directors to elect one amongst their number to preside at the"
}