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{
    "id": 959761,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/959761/?format=api",
    "text_counter": 165,
    "type": "speech",
    "speaker_name": "Emuhaya, ANC",
    "speaker_title": "Hon. Omboko Milemba",
    "speaker": {
        "id": 13328,
        "legal_name": "Jeremiah Omboko Milemba",
        "slug": "jeremiah-omboko-milemba"
    },
    "content": "At the outset, I fully support the clear definition of what the maximum interest rates should be. I also support the base rate which is now clearly defined so that there is no ambiguity. Indeed, I also thank the courts because there was some ambiguity in the law. It is because by the time it was being passed, there was fear among the parliamentarians that it would be refused at one point or another. We have a chance of removing ambiguities especially when we talk about the rates and penalties. This is because a rogue bank can just pay the Kshs1 million continuously and negate the original law. So, I find this as a chance to make a better law in order to protect Kenyans. The lending rates in this country have continuously inhibited Kenyans from doing business. The banks continuously try to circumvent the law. The situation that Hon. Jude Njomo was explaining is a clear conspiracy which happens daily in this country. You go to the courts and sue the wrong person… You also sue other people you have already talked to. What you were entering into… Hon. Temporary Deputy Speaker, you are a lawyer and you understand these things. This was consent between the Central Bank of Kenya, Mr. Oduor and the other parties. So, they walked away with it. I thank Parliament because it got enjoined. We must warn them that we shall continuously remain the defenders of the ordinary Kenyan who are trying to do business in this country. They should know that this is a law we shall not stop pursuing even when the Finance Bill comes before us. I thank the Members who have already made a comment on this matter. We shall have to see how we stand with the normal Kenyan on the issue of interest rates and not allow these laws to go to the extreme. Much as the President would want to take over the law-making process… Of late, His Excellency the President has been making too many laws by simply referring them here, exploiting our party differences and lineages and finally walking away with laws that are not good for Kenyans."
}