The Mystery of One 'Reform' For this question, the deputies were even urgently recalled from vacation. Today, a meeting of the Saeima's Budget and Finance Committee took place. Along with the issue of reallocating funds within the ministries' budgets, the deputies considered and approved by a majority vote in the first reading a rather ambiguous reform, to put it mildly. Recall: this concerns a package of bills that provide for the transfer of oversight functions for the non-bank financial sector from the Consumer Rights Protection Center to the Bank of Latvia. The reform was opposed by everyone — the non-bank lending sector itself, the Ministry of Economics, the Consumer Rights Protection Center, and the government's social partners... The reform is supported only by the Bank of Latvia and the financial association representing part of the commercial banks, as well as, of course, the Ministry of Finance, which prepared this reform. Parliamentary Secretary of the Ministry of Economics Jurģis Miezainis suggested at the committee meeting today that the reform is being pushed through quickly not because it will improve anything or bring any benefit, but because "someone really wants it." The validity of this conclusion is confirmed by the fact that the Saeima committee meeting is scheduled for the height of summer, even though there is nothing urgent about this "reform." Head of the Consumer Rights Protection Center Zaiga Liepiņa stated that the reform creates two institutions responsible for consumer protection, which will create a greater burden and confusion. Liepiņa expressed doubt that the Bank of Latvia will protect consumers. Furthermore, Liepiņa said that the reform will lead to a reduction in the number of employees at the Consumer Rights Protection Center who worked with non-bank creditors, while the obligations to consumers will remain with the Consumer Rights Protection Center. Deputy President of the Bank of Latvia Santa Purgaile stated that one of the main functions of the Bank of Latvia is already the protection of clients. "Concentrating all financial services in one institution would provide clients with clarity on where to turn for help. With the help of data analysis, the Bank of Latvia will have the opportunity to develop the sector, prevent aggressive lending, and issue loans to incapable clients," said Purgaile. "Our committee would be better off spending time and energy on much more important issues for the people — for example, on reducing taxes and simplifying tax reporting for micro-enterprises and individuals engaged in economic activities. This is what people expect from us, not some unclear reform!" emphasized budget and finance committee deputy Kristaps Krištopans ("Latvia First"). He, along with two deputies from the Union of Greens and Farmers — Harijs Rokpelnis and Girts Štekerhofs — voted against this reform, but remained in the minority — 6 deputies, including former Prime Minister Evika Siliņa, voted for the adoption of the bills in the first reading. Opponents of the reform hope that during further discussions on the reform, it will be possible to at least reach a compromise on the timing of the entry into force of the relevant legislative amendments — it would be reasonable to introduce changes starting in 2028 to allow time to prepare for the accepted changes.