Session 2015-16
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Other Bills before Parliament


 
 

1

 

House of Commons

 
 

Notices of Amendments

 

given up to and including

 

Thursday 7 April 2016

 

New Amendments handed in are marked thus Parliamentary Star

 

Parliamentary Star - whiteAmendments which will comply with the required notice period at their next appearance

 

Amendments tabled since the last publication: NC4

 

Consideration of Bill (Report Stage)


 

Bank of England and Financial Services Bill


 

[Lords], As Amended


 

Note

 

This document includes all amendments tabled to date and includes any

 

withdrawn amendments at the end. The amendments have been arranged in the

 

order in which they relate to the Bill.

 


 

New Clauses

 

Mr Andrew Tyrie

 

Wes Streeting

 

George Kerevan

 

Mark Garnier

 

John Mann

 

Mr Jacob Rees-Mogg

 

Helen Goodman

 

Mr Steve Baker

 

Rachel Reeves

 

NC1

 

To move the following Clause—

 

         

“Chief Executive of the Financial Conduct Authority

 

(1)    

Schedule 1ZA of the Financial Services and Markets Act 2000 is amended as

 

follows.


 
 

Notices of Amendments: 7 April 2016                     

2

 

Bank of England and Financial Services Bill-[Lords], continued

 
 

(2)    

After paragraph 2(2) insert—

 

“(2A)    

The Treasury shall not appoint a chief executive without the consent of

 

the Treasury Committee of the House of Commons.”

 

(3)    

After paragraph 4(1) insert—

 

“(1A)    

But a chief executive appointed under paragraph 2(2)(b) is not to be

 

removed from office without the consent of the Treasury Committee of

 

the House of Commons.”

 

(4)    

After paragraph 27 insert—

 

“References to Treasury Committee

 

28  (1)  

Any reference in this Schedule to the Treasury Committee of the

 

House of Commons—

 

(a)    

if the name of that Committee is changed, is to be treated as a

 

reference to that Committee by its new name, and

 

(b)    

if the functions of that Committee (or substantially

 

corresponding functions) become functions of a different

 

Committee of the House of Commons, is to be treated as a

 

reference to the Committee by which those functions are

 

exercisable.

 

      (2)  

Any question arising under sub-paragraph (1) is to be determined by

 

the Speaker of the House of Commons.””

 


 

George Kerevan

 

Roger Mullin

 

NC2

 

To move the following Clause—

 

         

“Composition of the Court of Directors of the Bank of England

 

In making nominations to the Court of Directors of the Bank of England, the

 

Chancellor of the Exchequer must have regard to the importance of ensuring a

 

balanced representation from the nations and regions of the United Kingdom.”

 


 

George Kerevan

 

Roger Mullin

 

NC3

 

To move the following Clause—

 

         

“Change in title of the Bank of England

 

The Bank of England shall be known as the Bank of England, Scotland, Wales

 

and Northern Ireland; and any reference in any enactment to the Bank of England


 
 

Notices of Amendments: 7 April 2016                     

3

 

Bank of England and Financial Services Bill-[Lords], continued

 
 

shall be taken as a reference to the Bank of England, Scotland, Wales and

 

Northern Ireland.”

 


 

Mr Douglas Carswell

 

NC4

 

Parliamentary Star    

To move the following Clause—

 

         

“Monetary Policy Committee: review of impacts

 

(1)    

The Bank of England Act 1998 is amended as follows.

 

(2)    

In paragraph (b) of section  11, at end insert “environmental protection and

 

sustainable development.”

 

(3)    

In subsection (1) of section 13, at end insert “and considering the impact of

 

monetary policy”.

 

(4)    

After section 13, insert—

 

“13A  

Impact of monetary policy

 

(1)    

The Monetary Policy Committee shall appoint a commission of between

 

four and 11 members to consider and report on—

 

(a)    

the impact of monetary policy, including the adjustment of the

 

Bank Rate and quantitative easing, on environmental, and

 

sustainable development, outcomes, including financial and

 

economic equality;

 

(b)    

the effect of institutional and regulatory structures and business

 

models within the banking system on the implementation of

 

monetary policy in relation to environmental, social and

 

economic outcomes; and

 

(c)    

recommendations for changes to the monetary policy tools

 

available to the Bank of England.

 

(2)    

The first such report by the commission in subsection (1) shall be laid by

 

the Treasury before each House of Parliament by 31 December 2017.

 

(3)    

Before appointing any member of the commission, the Monetary Policy

 

Committee must consult the Chair of any select committee appointed by

 

the House of Commons to examine the expenditure, administration and

 

policy of Her Majesty‘s Treasury and its associated public bodies.

 

(4)    

The Treasury may by regulations make necessary arrangements for the

 

work of the commission to proceed, including but not limited to—

 

(a)    

terms of reference;

 

(b)    

guidelines for working methods; and

 

(c)    

members’ terms, conditions and remuneration.

 

(5)    

Regulations under subsection (4) must be made by statutory instrument,

 

subject to annulment in pursuance of a resolution of either House of

 

Parliament.””

 

 



 
 

Notices of Amendments: 7 April 2016                     

4

 

Bank of England and Financial Services Bill-[Lords], continued

 
 

George Kerevan

 

Roger Mullin

 

1

 

Clause  24,  page  20,  leave out lines 5 to 10

 

George Kerevan

 

Roger Mullin

 

2

 

Clause  24,  page  20,  leave out lines 22 to 27

 


 

Mr Chancellor of the Exchequer

 

3

 

Schedule  2,  page  49,  line  12,  at end insert—

 

    “( )  

In paragraph 14 for “submit a monthly” substitute “, at least 8 times in each

 

calendar year, submit a””

 

Member’s explanatory statement

 

This amendment changes the frequency with which the Monetary Policy Committee is required to

 

report to the court of directors from once a month to at least 8 times a year. This is because Clause

 

8(4) replaces a requirement for monthly Committee meetings with one for meetings at least 8 times

 

a year.

 

 

ORDER OF THE HOUSE [1 February 2016]

 

That the following provisions shall apply to the Bank of England and Financial

 

Services Bill [Lords]:

 

Committal

 

1.    

The Bill shall be committed to a Public Bill Committee.

 

Proceedings in Public Bill Committee

 

2.    

Proceedings in the Public Bill Committee shall (so far as not previously

 

concluded) be brought to a conclusion on Tuesday 23 February 2016.

 

3.    

The Public Bill Committee shall have leave to sit twice on the first day on

 

which it meets.

 

Proceedings on Consideration and up to and including Third Reading

 

4.    

Proceedings on Consideration and any proceedings in Legislative Grand

 

Committee shall (so far as not previously concluded) be brought to a

 

conclusion one hour before the moment of interruption on the day on which

 

proceedings on Consideration are commenced.

 

5.    

Proceedings on Third Reading shall (so far as not previously concluded) be

 

brought to a conclusion at the moment of interruption on that day.

 

6.    

Standing Order No. 83B (Programming committees) shall not apply to

 

proceedings on Consideration and up to and including Third Reading.


 
 

Notices of Amendments: 7 April 2016                     

5

 

Bank of England and Financial Services Bill-[Lords], continued

 
 

Other proceedings

 

7.    

Any other proceedings on the Bill (including any proceedings on

 

consideration of any message from the Lords) may be programmed.

 


 

 

Revised 07 April 2016