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{
    "id": 565372,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/565372/?format=api",
    "text_counter": 96,
    "type": "speech",
    "speaker_name": "Sen. Wetangula",
    "speaker_title": "The Senate Majority Leader",
    "speaker": {
        "id": 210,
        "legal_name": "Moses Masika Wetangula",
        "slug": "moses-wetangula"
    },
    "content": " Mr. Deputy Speaker, Sir, pursuant to Standing Order No.41(2)(b), I wish to seek a Statement from the Chairperson of the Standing Committee on Finance, Commerce and Budget regarding the recent up-scaling of minimum capital for commercial banks. In the Statement, the Chairperson should address the following:- (1) What informed the policy announcement by the Cabinet Secretary for the National Treasury to upscale the minimum capital for banks to Kshs5 billion. (2) Was this policy statement subjected to public and sector participation? (3) What is the effective date of this policy? (4) Is the Cabinet Secretary for Treasury aware that this Statement serves to bolster and perfect the dominance of foreign and established local capital and cartels or effectively kills competition and the emergence of new local players in the banking sector? (5) Is the Cabinet Secretary aware that small and emerging financial institutions and banks are established to serve specific niche markets and special interests compared to the major established banks, some of which are out of reach for local entrepreneurs, especially women and the youth? (6) Is the Cabinet Secretary for Treasury aware that this policy announcement violates the provisions of the law against monopolies? (7) For the foregoing reasons, could the Cabinet Secretary vacate this policy to allow the banking sector develop with the dynamism of a free market economy that the Kenya Government embraces?"
}