“Grant Robertson’s assertion that the Finance and Expenditure Select Committee isn’t capable of conducting an inquiry into the banking sector shows he doesn’t trust Parliament, and by extension the people who elect it,” says ACT Leader David Seymour.

“He needs to remember this is a democracy. Parliament is the highest court in the land. If he says Parliament is not up to it, he is saying democracy cannot work. He is calling for rule by bureaucrats and consultants with no say for ordinary people.

“Robertson told the NZ Herald: “I don’t think something as serious as this, which requires resourcing and powers to do a proper investigation, is the right thing for a select committee.” That’s an excuse, he’s been around long enough to know that is one of the core roles of Select Committees.

“In Labour’s world unelected consultants and bureaucrats are the experts on everything and Members of Parliaments just exist to action their advice. If more advice is needed, maybe it should be supporting the people’s elected representatives in Parliament?

“Grant’s feelings might just be a reflection on the calibre of Labour’s MPs, but I think that elected Members of Parliament are more than capable of understanding the banking sector, ACT’s sure are.

“Government regulation has a major influence on how banks operate. If Government taxes banks more, they will have to get the money from their customers. If Government regulates banks more, they will have to pass compliance costs on to their customers. If Government regulations reduce competition in banking, customers will pay more for a limited range of options. None of this is complicated, but Labour is sure doing its best to make it so.

“Grant should get out of the way and let the committee do the job its members have been elected to do. He obviously doesn’t have much faith in the six Labour MPs on the committee but if he lets them do their job they might surprise him.”

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