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{
    "id": 319515,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/319515/?format=api",
    "text_counter": 303,
    "type": "speech",
    "speaker_name": "Mr. Mureithi",
    "speaker_title": "",
    "speaker": {
        "id": 89,
        "legal_name": "Erastus Kihara Mureithi",
        "slug": "erastus-mureithi"
    },
    "content": "Mr. Deputy Speaker, Sir, I stand here to contribute to this Bill. I operated in this capacity for 14 years. Mr. Deputy Speaker, Sir, although I was a Member of the Committee that investigated the slide of the Shilling, it would be very dangerous in this country if we were to remove the powers of the Governor. We may have a bad Governor today but tomorrow, we will have a Governor that will work within the elements or directives of the monetary systems of a country. I have travelled to various places and met various Governors. I was in Bolivia where I met the Governor of the Central Bank. You will find that Governors are mandated by their States to look after the monetary systems of that country. In fact, if you read quite a lot about the American system, when the Governor is going to speak about the interest rates, everybody listens, including the stock markets. When he brings down the interest rate, you will find that the stock market reacts in a certain direction. If you look at most of the countries, the Governors are mandated. For that matter, they are actually guided by the fiscal policy department, which is the Treasury. Within the Central Bank of Kenya itself, where my friend, M’Mithiaru worked, they have several directors who sit with the Governor. As a result, what we would like to do is to look at whether the Governor is following the Banking Act, as is stipulated in this country. But in this country we are known for creating and dismantling great things. I have a case in mind. Officials from Botswana came here to learn about livestock and their first Managing Director in their Kenya Meat Commission (KMC) – equivalent, in Gaborone, was the late Mr. Maina. He developed such a wonderful meat commission in that country. What has happened in Kenya? We have killed our own KMC and the pastoralists are suffering, such that our quota, which was supposed to go to Europe, was taken over by Botswana. Mr. Deputy Speaker, Sir, let us not destroy a system that has been working. If one person is not working, we cannot assume that the whole system is not working. Let us look at the whole banking system and banking association, where I was the Chairman for two years, and see how we can integrate. Mr. Deputy Speaker, Sir, I oppose this amendment which is creating the position of an Executive Chairman, where if things go wrong, they will be accusing each other and the country will go backwards."
}