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"id": 570861,
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"type": "speech",
"speaker_name": "Sen. Wetangula",
"speaker_title": "The Senate Minority Leader",
"speaker": {
"id": 210,
"legal_name": "Moses Masika Wetangula",
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"content": " Mr. Speaker, Sir, if you watched the Chairman, who is normally a very confident person, his body language betrayed him. He did not even believe in what he was reading. How can the Cabinet Secretary and you, as our Speaker, sitting there unilaterally, because he says there was no public sector participation to raise the capital of banks from Kshs1 billion to Kshs5 billion. Banking is not about size, it is about services. Sen. Khaniri, Sen. Ndiema and Sen. (Dr.) Khalwale can tell the House that courtesy of devolution, five western counties have come together and are putting Kshs250 million together to start a bank to cater for their special county needs. This can be done in Mt. Kenya region, in the Arid and Semi-Arid Lands (ASAL) region and so on. Mr. Speaker, Sir, we are being treated to a Cabinet Secretary sitting on his own and dancing to the tune of mega banks that are controlled by foreigners to choke and kill the emergence of local banks. It might not be lost on us that when the new Governor of Central Bank of Kenya was being interviewed, he specifically said that this policy is misguided, ill-informed and he does not believe in it. In view of that, and the lackluster and pedestrian manner in which the Chairman has presented the answer, I urge the Chair, as many Members participate, that the Committee which has done a wonderful job so far under his chairmanship should summon the Cabinet Secretary and the Governor of Central Bank of Kenya. The world over, monetary policy is not a preserve of the Cabinet Secretary for National Treasury."
}