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{
    "id": 644546,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/644546/?format=api",
    "text_counter": 114,
    "type": "speech",
    "speaker_name": "Hon. (Dr.) Kibunguchy",
    "speaker_title": "",
    "speaker": {
        "id": 294,
        "legal_name": "Enoch Wamalwa Kibunguchy",
        "slug": "enoch-kibunguchy"
    },
    "content": "and tell them the extent they can go. I wish we could also control banks in terms of how much they pay us when we put our money there. We should control how much they pay the common man and anybody who saves money in banks. It is abnormal. The interest spread is just too much. When you put money in a bank, you are paid peanuts, but when you borrow money from the same bank, the interest rate is not just abnormal, but obscene. We must have some kind of regulation and control to rein in these banks. Many colleagues have talked about pyramid schemes. Some of the new banks operate exactly like pyramid schemes. When they come in existence, they promise heaven and give very liberal interest rates. As they attract more customers, then you are waiting for what they call in boxing “the sucker punch”. The sucker punch has now come in, in terms of Chase Bank. The bank has collapsed with people’s money. This is the time. The idea is right. We need to control interest rates. Time has come that interest rates must be controlled. It has come as a pleasant coincidence because this subject is very hot. Like I said at the beginning, what crawls on you will eventually bite you. This is the time when what has been crawling on us from the day of Joe Donde and Hon. Jakoyo Midiwo will bite. The President must assent to this Bill, so that it can bite the banks."
}