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{
    "id": 582420,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/582420/?format=api",
    "text_counter": 212,
    "type": "speech",
    "speaker_name": "Hon. Nassir",
    "speaker_title": "",
    "speaker": {
        "id": 2433,
        "legal_name": "Abdulswamad Sheriff Nassir",
        "slug": "abdulswamad-sheriff-nassir"
    },
    "content": "Hon. Temporary Deputy Chairlady, there is no doubt that if we try and increase the minimum core capital for banks, we are going to start creating monsters in this country. Those monsters are the ones that are going to be handling all the financial issues in this country. I agree with my colleagues that we should not only maintain the core capital at Kshs1 billion, but we should also consider the amendment sought by Hon. Sakaja - that we reduce the amount even further to Kshs500 million. We need to believe in a relatively equal society that will be supported by institutions that shall limit the extremes of wealth and poverty. I hope my colleagues are going to hear me out when they are trying to defend the banks. The greatest enemy of freedom is the alignment of political power with wealth. I concur with Hon. Sakaja that we should further reduce the core capital so that we have more enabling players providing finance, so that we can send money back to the grassroots. The most creative and effective way to boost the economy is to re-distribute wealth downwards to the poor people, who have the tendency to spend a higher proportion of their income."
}