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{
    "id": 959696,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/959696/?format=api",
    "text_counter": 100,
    "type": "speech",
    "speaker_name": "Suba South, JP",
    "speaker_title": "Hon. John Mbadi",
    "speaker": {
        "id": 110,
        "legal_name": "John Mbadi Ng'ong'o",
        "slug": "john-mbadi"
    },
    "content": " Actually, Hon. Millie represented a constituency called Mbita up to just the other day. At that time, I was representing a constituency called Suba. We decided to divide the name and give them Suba North and retain Suba South. I am properly the Member for the original Suba. That notwithstanding, I rise to do a very noble duty of seconding the Motion as moved by Hon. Jude Njomo regarding the amendments to the Banking Act. The main reason why we move Motions and second them is to bring clarity, just like Hon. Jude Njomo has tried to do, and explain because banking issues are technical for Members to understand and appreciate so that when they contribute to this Bill, they do so from a clear point of information. There has been a lot of misrepresentation and misinformation about what this Bill seeks to do. We need to clarify that so that Members understand what exactly this House is about to do. The issue of controlling bank interest rates has had a long history in this country. It started way back and came as a result of the outcry by the public. Kenyans were complaining about the high interest rates that banks were charging. This was not for a wrong reason. Banks in this country converted themselves into what one would call a cartel. Ordinarily, as a professional in financial matters, I would not support regulation or legislation to curb interest rates. Banks decided to go rogue and, therefore, it required the intervention of the people‟s representatives. One would ask: How come Chinese contractors find it very easy to do business in this country? The reason is simple. Chinese contractors borrow loans at interest rates of 2 per cent and 3 per cent. Our contractors cannot go to our banks and access loans at below 14 per cent. This brings inequity in terms of competition. I call our banks for what they are - economic saboteurs. They are sabotaging the economic progress and development of this country. Therefore, it was necessary for this House to come out strong and intervene in a distorted financial market. I will contribute to this when we come to the Finance Bill, but the National Treasury is not helping this country. Instead of curtailing their appetite for borrowing, the National Treasury has replaced and substituted the ordinary Kenyans who are supposed to borrow from the banks. The Treasury is the one borrowing. That, therefore, means that ordinary Kenyans cannot access loans at affordable rates which was the aim and intention of the amendment that Hon. Jude Njomo brought in 2016. Having said that, what are we dealing with today? As Hon. Jude Njomo put it, immediately this Bill was passed into law and assented to, an individual Kenyan - and he has his right - called Boniface Oduor, went to court. Who did this gentleman sue? Whereas it is The electronic version of the Official Hansard Report is for information purposes only. Acertified version of this Report can be obtained from the Hansard Editor."
}