The President has right to depose Heads of 4 Regulatory Agencies- New Law

President Abdel-Fattah El-Sisi issued a law on Saturday that grants him the right to depose the heads of four state financial and regulatory bodies.

The bodies are the Central Bank of Egypt (CBE), the Administrative Control Authority (ACA), the Accountability State Authority – the country’s central auditing agency  (ASA) and the Egyptian Financial Supervisory Authority (EFSA) .

The president set four conditions for using the right to depose these top officials including the existence of solid evidence that the official compromised national security, evidence that they breached their duties by harming the country’s interests or other public figures, and if they were proven morally compromised.

Due to the absence of a parliament in Egypt since 2012, president El-Sisi has held legislative authority since his election in 2014.

Any elected parliament must review all laws issued by the president within 15 days of its convening.

Article 216 of the 2014 constitution stipulates that the heads of these regulatory bodies are appointed by the president for a one-four-year-term after the approval of a parliamentary majority. The article also stipulates that these officials can only be removed only through conditions determined by a law.

Article 215 of the constitution grants all four bodies full financial and managerial independence.

source:Ahram Online