No quorum in National Assembly for vote on crucial finance bill
The Financial Matters Amendment Bill was one vote short after most of the Democratic Alliance was absent from the National Assembly
The National Assembly was not able to adopt the Financial Matters Amendment Bill, an omnibus bill amending several pieces of legislation on Tuesday night because it was one vote short of a quorum. Only 200 of the total 201 votes required for a bill to be adopted were recorded including that of presiding officer Thoko Didiza. Most members of the Democratic Alliance which opposed one of the bill’s provisions to allow for the establishment of state-owned banks were intentionally absent from the National Assembly when the vote was taken. Voting on the bill was deferred to a later date but time is running out as the National Assembly ends its work for the current parliament on March 20. The bill includes amendments to the Insolvency Act to provide security for counterparties in over-the-counter derivative transactions in the event of liquidations and ensures that SA complies with internationally accepted requirements. The adoption of the measure was urged by Reserve Bank governor Lesetja...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.