This amendment returns the clause to one where the ability to add a new Bank function is entirely in the control of the Executive, which is what the Bill provided for when it was first introduced. Officials recommended to the Finance and Expenditure Committee that a direction from the Minister needed to be at the request of the Reserve Bank lest the direction could compromise the Reserve Bank’s ‘independence’. The Reserve Bank has never had independence over what functions it should perform. The Bank’s functions have always been governed by its legislation. If the Minister of Finance is going to have an ability to require the Bank to perform an additional function, then it is important that that ability should not be subject to an effective veto by the Reserve Bank. The Bank should be able to request a new function, but the giving of a new function should require the Bank making a request. This amendment also seeks to introduce an appropriate oversight role for Parliament in relation to additional Reserve Bank functions but without thwarting the ability of the Minister of Finance to require the performance of a new function at short notice. It does this by providing for a new function to be made by Order in Council and for that Order to be confirmable secondary legislation. As confirmable secondary legislation, the Order will expire if not confirmed by Parliament by the applicable deadline set out in section 121 of the Legislation Act 2019. A parliamentary oversight role is appropriate given the significance of the Reserve Bank as an economic institution and because it is normally primary legislation which specifies the Reserve Bank’s functions.