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{
    "id": 376130,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/376130/?format=api",
    "text_counter": 470,
    "type": "speech",
    "speaker_name": "Hon. (Ms.) Gatheca",
    "speaker_title": "",
    "speaker": {
        "id": 652,
        "legal_name": "Annah Nyokabi Gathecha",
        "slug": "annah-nyokabi-gathecha"
    },
    "content": "Thank you, hon. Temporary Deputy Speaker. I rise to support this particular amendment. When you look at the capital markets and the great debacle that happened in Wallstreet, a lot of the issues that came up are because of the loose way that financial activities are transacted. When we look at the growing economy and emerging petroleum and mineral resources, they will also attract all kinds of people. Organizations will attempt to come and say that they are going to finance particular investments. When you look at those particular sectors, the investments entail high cost and very high capital. When you look at the debacle that happened within North America, they were able to package a lot of housing loans with very poor infrastructure and constructions. Places where you found that even people who did not have the capacity to buy homes were able to actually go out and apply for a loan or mortgage and be able to do so. All that was done because people came in as supposed financial experts or doctors and they were able to sell packaged loans to other countries. If you take a look at what has happened within North America and the collapse of the economies, it has been nothing more than that; a loose application of financial implementation of structures. Hon. Temporary Deputy Speaker, in order for us to support a growing economy, this particular Bill will help us to raise funds from various organizations that will help us develop our country. But, if we are not able to strengthen and tighten those particular areas or ways in which we are able to raise our funds, we could find ourselves engaged similarly in areas where we are not able to come out, when we look at who will come in and the structure of some of those loans. Therefore, when I look at the particular amendments that we have added, we will not only protect our economy, we will, as well, protect the small investors. They will also encourage saving among the young people within the economy so that we develop a saving culture within this country, which is extremely important if we are going, as a country, to be able to finance our own investments and growth. We cannot do that if we are not a country that saves. We cannot be a country that is spending more than it is saving. Hon. Temporary Deputy Speaker, I rise to support these amendments and hope that they will strengthen our financial institutions. Thank you."
}