Heated debates continue in the National Assembly regarding the Financial Institutions and Markets Act (FIMA) (Act No. 2 of 2021, which was gazetted on 30 September 2021 to replace the outdated Pension Fund Act of 1956.
The chairperson of the Parliamentary Standing Committee on Economics and Public Administration, Natangwe Ithete, addressed the National Assembly on Thursday to make certain committee recommendations following due consultations surrounding the new legislation.
“The committee recommends that the minister responsible for finance must table in the National Assembly the regulations referred to under FIMA before implementation and enforcement of the regulation by Namfisa for parliament approval,” he said.
The consultations followed wide public debate and outcry, particularly on the preservation clause. Ithete noted that the regulations must be brought to the National Assembly (NA) for final approval.
Another recommendation which caught MPs attention was that all future bills issued entail a section or clause that mandate the line minister to table the new regulations in the NA before implementation and enforcement.
However, justice minister Yvonne Dausab opposed this proposal, saying it will flood the Assembly with work outside of its purview, derailing lawmakers from their mandate of lawmaking.
“I’m concerned about the proposal, and that the recommendation has very serious implications. We should allow the process of regulation-making. I’m afraid we will not be able to get through the legislative and lawmaking process as it will also become cumbersome,” she emphasised.
Dausab added that any regulation made cannot go outside the scope of what an enabling legislation requires. Thus it cannot go above the powers and the functions set out in an enabling statute.
Agriculture minister Calle Schlettwein added his voice, saying regulations are not part of legislative process, and the recommendation is asking the NA to do something it is not mandated to.
“Regulation is an executive function, and it should remain as is. The committee took the wrong approach. This is not the substantive issue, but the procedural approach that they are recommending. It is what is at fault here and should not be supported” he said.
He further advised the committee to looked at what ways the Act is to be amended, and recommend that the House consider these amendments instead of moving into a territory for which they are not mandated, to abolish regulations.
Popular Democratic Movement (PDM) parliamentarian Elma Dienda said she feels cheated by the finance minister.
“We have a lot of issues with this Bill, and we were told all these concerns will be addressed in the regulations; that was a promise. Coming now today to tell us that regulations must not come to the House means that you have cheated on us that day,” said the PDM lawmaker.
She added she did not take it lightly, and noted that “this is a totally wrong Bill, and is not in the interest of the nation, and must be addressed.”
Meanwhile, the economics and public administration committee report was deferred for a decision due to a lack of a quorum of 49 members.-mndjavera@nepc.com.na