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{
    "id": 319207,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/319207/?format=api",
    "text_counter": 442,
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    "content": "who were being thrown out of their homes by banks. And we keep talking as Parliament. We cannot sit back. We need a body, or a board that shall discuss these issues, that Kenyans can complain to. The Governor must just give us--- And I am so happy with the Minister because he is saying that so that we mitigate the existing problem, let the existing board sit and elect one of their own to decide policy. I think that is a good middle ground. Let us do that. However, the original proposition in this Bill that wanted to make the Governor the temporary chair is one that would sink this nation twice because we are already in a hole. We must have proper, economic and financial policies if we expect to move our country forward. I want to plead with the Minister. We already have a problem. We have a scenario where teachers are striking and we are saying that we do not have money. This country will have to sit and talk to itself about enlarged Executive. I would plead with you that in many countries the board is two or three people. Let them be Kenyans of repute; people who understand financial and economical issues. The smaller, or the leaner the better it will be. So that it is not just another way of employing people. Let me tell you the problem you will run into immediately you go to reconstitute the board; there will be the issue of “our region is not represented”. You are just giving yourself a bullet to shoot yourself. So, the smaller the better. I want to also plead with you that in this amendment, please, let the position of the Governor be one that is advertised and people apply and then you appraise the competence of people. Let it not be a political appointment. Let the President appoint the chair. He can appoint anybody be it his brother, wife or whoever, but we shall vet here. The Governor must, however, be an advertised job so that we can get a whole array of citizens who may wish and are willing to serve in that position and I can tell you that you will never go wrong. Lastly, in this Act, I would have wished even through the Finance Bill that the Minister addresses somewhat the issue of interest rates. Even if you were to do it in those institutions where the Government has interest, the way they have done in Brazil. Brazilians had a similar problem. A month or two ago Brazil overtook Great Britain as an economic power. This is because of what the President of Brazil did. She decided that she divorces herself from the criticism of International Monetary Fund (IMF) and the World Bank. She said that banks could charge people even 100 per cent or 1,000 per cent, but for the banks where the Government has interest, those banks loan at a rate determined by the Government. That is the best way we can cure this thing. Look at our economy and look at the banks; look at the ownership too, all these profits they are making, they are taking out of the country. The banks which are making so much money--- One bank makes in one-quarter, that is, four months, Kshs8 billion more than what it made twelve months prior. I want to plead with the Minister. Let us work together because Kenyans are choking and things are not good in our country. In fact, nothing is bright and I think the answer is in the financial sector. With economic growth, we shall expand the job and investment market for our people. I think this Parliament has a duty. This Minister who listens has a greater duty to intervene so that we look like we care about other people. With those many remarks, I support the Minister."
}