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{
    "id": 493434,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/493434/?format=api",
    "text_counter": 135,
    "type": "speech",
    "speaker_name": "Hon. Langat",
    "speaker_title": "",
    "speaker": {
        "id": 384,
        "legal_name": "Benjamin Kipkirui Langat",
        "slug": "benjamin-langat"
    },
    "content": "Hon. Temporary Deputy Speaker, we need to domesticate our professions. The problems being faced in Kenyan today are unique. You cannot have an international examination body from the USA knowing very well that challenges in the USA are not the same as in Kenya. The United States of America is ahead of Kenya, almost 150 years older than Kenya. Kenya is only 50 years old after Independence. Therefore, our financial sector challenges are more unique. I am happy that with this Bill, we will have our own professionals and we shall administer our own examinations which capture the unique situation in Kenya. Hon. Temporary Deputy Speaker, once this Bill is enacted – personally I am one of the people who are the initial Certified Financial Analysts of East African Examinations but because of lack of organization, you will find that those professions are not recognized. Therefore, I want to support this Bill so that we organize our profession and get a pool of professionals to handle our situation. Hon. Temporary Deputy Speaker, the Euro Bank collapsed several years ago and the Kenya Government lost a lot of money because of that. I believe it was because of lack of professionals to analyze whether it was worth, for example, National Social Security Fund (NSSF) investing their money in such bank. Once this Bill is enacted, we will have a profession like the Certified Public Accountants of Kenya (CPAK) and the Institute of Engineers of Kenya (IEK). We will have a profession that is recognized both in Kenya and perhaps, internationally. I would like to urge the House to support this Bill because this is for a professional organization. We have looked at it at the Committee level. We will not incur any money from the Government. This is just a professional body which will be funded by members from their own contributions. We can do the best engineering and we can do the best buildings, but if we do not have people who can guide us on the investment situation in the country, we are failing. I am urging hon. Members to support his Bill to facilitate this profession. We need people who can manage retirement benefits. We need professionals who understand the stock markets. There are new products coming in from the Stock Exchange, therefore, we need professionals who understand how these dynamics are arranged and the futures markets. The other day, this House facilitated the Government on the stock exchange to form what we call the futures exchange. Unless we have an organized profession to supply professionals to that sector, we will stay for long and we will form institutions which are not viable."
}