JCCUL wants political directorate excluded from selecting BOJ board members

 

The Jamaica Cooperative Credit Union League (JCCUL) wants the political directorate to be excluded from the selection of board members for the Bank of Jamaica (BOJ).

 

It is one of the submissions being put forward to a joint select committee of Parliament reviewing amendments to the Bank of Jamaica Act.

 

The committee is seeking to strengthen the institutional framework of the Bank.

 

Sandra Husey, a representative of the Jamaica Cooperative Credit Union League, is recommending that a special commission be established to advise the Governor General of the appointments instead of the current arrangement in which Governor General makes the appointments on the advice of the Cabinet.

 

She said such a move would prevent political interference, which is in line with the purpose of the amendment.  

 

However, members of the joint select committee have raised objections to the recommendation from the Credit Union League.

 

"The selected must never govern the elected. I appreciate what the Act is trying to accomplish...(but) the political directorate, who is at the end of the day ultimately responsible to the people, though their review period is not quarterly, should not be removed from the process," said government member Matthew Samuda. 

  

Finance Minister Dr. Nigel Clarke, who is chairman of the committee, also argued that it would not be possible to completely exclude the political directorate from the process. 

 

"In the implementation of monetary policy, the Bank of Jamaica will have to dialogue with, work with, get feedback from various members of society, including people in government, but the idea is that the government should not have undue influence," he pointed out.   

 

Opposition member of the committee Mark Golding on the other hand has said more information is needed on the proposal for a special commission which would make recommendations to the Governor General on the board appointments. He argued that the proposal has to be properly thought out to take into account how this special commission would be comprised and function.