Bloomberg News

U.K. Lawmakers Debate Bill to Let Them Stop BOE Head Appointment

July 06, 2012

British lawmakers are today debating whether Parliament should have the power to block the appointment of the governor of the Bank of England.

The private member’s bill, a type of draft legislation sponsored by a lawmaker who’s not a government minister that seldom becomes law, is having its second reading in the House of Commons today. It’s been put forward by opposition Labour Party lawmaker John McDonnell.

The proposal would give the House of Commons Treasury Select Committee powers to reject a candidate for governor. Lawmakers supporting the bill say the expansion of the central bank’s powers to oversee the finance industry requires greater accountability from its officials.

To contact the reporter on this story: Gonzalo Vina in London at gvina@bloomberg.net

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net


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