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{
    "id": 493486,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/493486/?format=api",
    "text_counter": 187,
    "type": "speech",
    "speaker_name": "Hon. Mwaura",
    "speaker_title": "",
    "speaker": {
        "id": 13129,
        "legal_name": "Isaac Maigua Mwaura",
        "slug": "isaac-mwaura"
    },
    "content": "Thank you. Therefore, if you look at the entry behaviour, not the one of my friend, hon. Jared Opiyo, but of people who enter into this profession –the markets, it is highly questionable. You just have a graduate in Economics who therefore claims also to be an expert in these fields and, therefore, it is not sufficient to say that this sector has been properly regulated. The existence of the Capital Markets Authority (CMA) really has served to regulate the books and other money markets but not necessarily the players themselves who are very important. As they say, for any form of human endeavour, the most critical element is human capital. So, therefore, this Bill that seeks to establish an institute whose members are very well delineated will go a very long way. If you look at the functions of the institute, one of them of course requires that they advise the Cabinet Secretary responsible for matters of security and investments, on what needs to be done on a day to day basis with regard to policy. That is very important. I am reminded, for example, of a time when there was a very big tug of war on administrative matters on who was to head the CMA. So, I think this kind of body that brings professionalism into play will also advise the CS on the calibre of people who are required to occupy such high offices that determine the character of our capital market, securities and investments. Hon. Temporary Deputy Speaker, we also need this body because this sector is very critical with regard to weighing in on the real value of our investments. As the Chair had said before, this country’s economy has been rebased and we are now in the lower The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}