Rushed Process for Reserve Bank Nationalisation Bill
10 November 2020
The Reserve Bank Amendment Bill, the private members bill being driven forward by the EFF is open for comment to the public. The bill would provide for a wide ranging changes to the way that the Reserve bank operates including:
Provide for the appointment of certain Board directors by the Minister
Provide for the tenure of office of appointed directors
Make the State the sole holder of the shares in the Bank
Give the Minister the power to make regulations relating to the appointment of appointed directors.
The Bill proposes that the private shareholders be given no compensation for their shares. In addition parliament has only given one week for the public to comment on this important piece of legislation.
You can listen to Rob Hutchinson explain the ramifications of the bill and why members of the public should comment on 101.9 ChaiFM here.
To go comment on the bill you can go to the Dear South Africa website.