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{
    "id": 319489,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/319489/?format=api",
    "text_counter": 277,
    "type": "other",
    "speaker_name": "",
    "speaker_title": "",
    "speaker": null,
    "content": "“The enactment of this Bill will occasion additional expenditure of public funds which shall be provided through the Estimates.” Mr. Deputy Speaker, Sir, it is not making sense to me! Even having heard the input of hon. M’Mithiaru who is a very respected and long standing banker in this House, why are we creating two powerful offices at CBK? I am asking this because the Minister’s proposed amendment in New Clause 2(a) is creating a chairperson who is going to be appointed by the President through a transparent and competitive process, and with parliamentary approval. He is going to hold office for four years with eligibility for reappointment for one further term. That is the chairperson of the board of CBK. Then, again, under the proposed amendment in Clause 4 of this Act, we are also creating the Governor who will be the chief executive officer of the bank. Again, his appointment also is subject to a parliamentary approval against the President who is appointing the same person. It will also be through a transparent and competitive process and with the approval of Parliament. Now, the question I am asking myself is: What is it that the chairperson will do after he or she has been given that kind of office with parliamentary approval that cannot be done by the Governor of the CBK? Mr. Deputy Speaker, Sir, are we just creating positions for the sake of creating positions? Are we just incurring additional expenditure to the Exchequer because there is an assumption that there is money at the CBK? There is no functionality that has been attached to this new powerful office. The chairperson is going to be appointed by the President through parliamentary approval, just the same way as the Governor of CBK. Recently we had issues with the currency in Kenya. We had issues with how the shilling had been fluctuating. We even had a parliamentary committee here which showed the magnitude of the problems the Central Bank of Kenya (CBK) was going through. Then we had the executives being critical. Whatever information the Governor of CBK gave, he was critical. People were able to say that the final authority in this matter has said this or that. There was a time the Governor issued a statement that raised eyebrows in this House, concerning certain banks. We were able to pinpoint how the final responsible authority ought to have acted or not to have acted. We were able to say that this is the person who should take responsibility. Now, we are creating another person, equally powerful. So, who are we going to be holding responsible? Who is going to convince me why we are creating this office? Are we just creating offices because some political cronies are going on retirement and we are looking for jobs for them? What is this person going to be doing to supervise the Governor? If we have said that the Governor himself--- We have even defined a fit and proper person in this amendment to mean a person possessing all the attributes taken into account in determining the suitability of a person to be appointed as Governor, including the person’s general probity, competence and soundness of judgement for the fulfillment of the responsibility of office and the diligence with which that person is likely to fulfill those responsibilities. Mr. Deputy Speaker, Sir, we are appointing a person who is going through a parliamentary process called the Governor. We have reinforced this requirement of fit and proper into this Act. We have said that he will be a person of very high competence and soundness of judgement. This is not going to be an ordinary office. It is not just an elected office and we are not just looking at academic qualifications. I was going to ask this House, after we have gone through all that process and have created this person; he is now the Governor, why do we not give him the proper responsibilities? Why are we"
}