The Jamaica Cooperative Credit Union League (JCCUL) is calling for the appointment of board members for the Central Bank to be done through a special commission and not on the recommendation of the cabinet under proposed amendments to the legislation governing the Bank of Jamaica.
Head of the Credit Union League, Sandra Hussey, believes this is the proper route to take if the goal is complete independence for the BOJ.
She made the call during today’s sitting of a Joint Select Committee of Parliament to consider the Bank of Jamaica Amendment Bill.
The Bill seeks to render the BOJ independent and free from undue political influence.
Ms. Hussey is also calling for a complete overhaul of the legislation. She says the legislation governing the central bank has been amended several times since its inception which may now necessitate a complete revision.
However, In response, Finance Minister, Dr. Nigel Clarke, says the aim is to prevent undue political influence but not to remove accountability to the people of Jamaica in some way.