Parliament is back in the House this week with a schedule of business that says ‘we have a lot to finish and only eight weeks to go’. Because alongside the relentless politicking that feeds the media MPs do actually have jobs to do, including approving laws.
The House asked the Leader of the House Grant Robertson for his picks of this week’s action.
Grant Robertson tackles questions on finance from a Youth MP Photo: Phil Smith
Empty the Mattress
Grant Robertson says picking favourite bills is like “picking your favorite child, you should be very careful with it.”
But never-the-less one of his picks was a banking bill from his own to-do list. One that will thrill those tempted to stash their money in mattresses or honey jars.
The Deposit Takers Bill is the third bill resulting from a review of banking regulation. It applies to the range of organisations that take deposits (i.e. banks, building societies etc).
“It's got loads of different elements that are quite technical, but the bit that I think will be of most interest to people is it creates a deposit compensation scheme.”
Yes that is exactly what it sounds like.
“If the worst happens, and a bank or building society or credit union or something goes up in smoke, then that means depositors have something that they can rely on. So the first $100,000 of your deposits (and you can have multiple deposits obviously), but all of your deposits are covered. It'll cover about 95% of depositors. The money is now secured.”
It’s a levy-based scheme so the banks will run it themselves with the Reserve Bank keeping oversight.
“Most countries in the world have got one. I think there's only two in the OECD who don't, so it’s not before time for us to get this in.”
An end to Dad’s Army for disasters
Up for its first reading this week is the Emergency Management Bill. You might think that it is a response to the recent cyclone but it has actually been in development for a few years. Recent events did demonstrate its need though, especially things like the reliance of disaster management on sometimes sub-standard Local Government decision making.
Grant Robertson says “it's really a thorough rewrite of the way we handle Civil Defense emergencies.”
“Essentially, what the bill does is make much clearer the relationships between central and local government, and what the place of iwi is.”
Iwi play an essential role in many areas during disasters for both maori and non-maori.
The outgoing legislation dates back to the days of the heavily volunteer-based Civil Defence, a name that brings to mind Captain Mainwaring.
“We don't call it that anymore. NEMA is the organization National Emergency Management Agency. And this bill is really the legislation that actually gives it its powers, gives it the structure and the relationships it needs.”
And if Grant Robertson's picks don't satisfy, you might also want to keep an eye on the Grocery Industry Competition Bill, and the Local Government Electoral Legislation Bill.
