Finance bill

President Uhuru Kenyatta has declined to
approve the Finance Bill, 2019 and has
instead asked MPs to repeal section 33B of
the Banking Act that caps commercial lending rates. This cap has been strongly criticised
by bankers and some economists leading to a credit squeeze.

Economist tupatane hapa kidogo. How will repealing section 33B be of value considering the parliament cannot ganner a 2/3 majority to overturn his drunkenness proposal.

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vile anacheki political mileage.

Bank yake imegrow with the merger…

A merger that he waived tax on

Now he is more determined to see the new outfit make some real profit

I cannot agree more ^^^

The MPs require two-third majority to veto the President’s decree… I doubt they have the brains to do so… It’s nonsense to explain to us that this will make credit available to the masses… it will not happen since the Government has insatiable appetite for local and international borrowing… and the Gava as a borrower is an almost zero-risk transaction… they will simply increase the rates for existing borrowers and therefore the beneficiaries here are the banks and not the SMEs as the debaters have argued…

That law that allows the President to usurp the Legislature’s powers ilitoka wapi? Is it in the Constitution? Because it’s basically a backdoor for an Imperial Presidency.

In many countries the President’s powers end at vetoing legislation he doesn’t like, which Parliament can override with two-thirds. Hii ya allowing him to put in “recommendations” ndio sijui ilitoka wapi. Basically he can sneak in any law he wants that way.

That is what the law says… when he sends it back to parliament, they can only overturn his memo if they vote by over two-thirds…

Hapo ndio shida iko. In the US for instance, the President can veto a legislation, and return it to Congress. He can also give his reservations as to why he refused to sign the law for Congress to consider. Congress then can either override the veto by a two-thirds majority and passing the law as it was originally, or consider and adopt the President’s reservations and sending it back to him. If they don’t muster the two-thirds, but also don’t adopt the President’s recommendations, the Bill does not become Law. Basically both Congress and the President have to agree before a law is passed.

In our case the moment they fail to muster two-thirds, it becomes law with the recommendations of the President. Which means that the President gets his way in case of a disagreement and can unilaterally make laws without Parliament’s input.

Our very own Okiya has been validated. He said it was just a matter of time before it was reversed.

We copied a lot from the developed nations and this is one of them… we did not put things into context? The brains of our MPs are hollow and they never interrogate any law in current and long term effects on the economy (including their own welfare) but take small bribes to pass laws

We copied a lot from the developed nations and this is one of them… we did not put things into context? The brains of our MPs are hollow and they never interrogate any law in current and long term effects on the economy (including their own welfare) but take small bribes to pass laws