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Banks Slam Govt's Reserve Bank Bill

“The Banking and Business Communities have turned out to slam the Government’s Reserve Bank Bill at today’s Finance and Expenditure Committee Hearing,” says ACT Leader David Seymour.

ASB submitted recommending that price stability be retained as a priority if short term employment is added to the Bank’s mandate.

“When asked if we should follow other countries who have a dual mandate, ASB pointed out an important nuance. Of 16 banks who have a dual mandate, 14 hold the employment mandate as secondary to price stability. The other two passed their central bank legislation in 1913 (United States) and 1959 (Australia), in another era when monetary policy was still based on the Gold Standard,” says Mr Seymour.

Also under questioning, ASB’s Nick Tuffey agreed that politicisation of appointments within the Bank could lead to lower quality staff at the Reserve Bank as prospective and current employees worried their progression might be blocked due to increased political interference in the bank.

Business New Zealand submitted that the bill should not continue. In line with a consistent theme in the hearing, they could not see what problem the bill is supposed to solve. If the bill does proceed, Business New Zealand also recommended that employment be made a secondary consideration to price stability.

“Of course, the Minister of Finance knows exactly what he is doing,” says Mr Seymour.

“As I said in parliament when the bill was first debated, he is politicising the bank and creating a back door to manipulate the money supply for political gain.”

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