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FINA Committee Meeting

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Meeting No. 66

MINUTES OF PROCEEDINGS

Wednesday, April 1, 1998

The Standing Committee on Finance met at 3:36 o’clock p.m. this day in Room 208, West Block, the Chair, Maurizio Bevilacqua, presiding.

Members of the Committee present: Maurizio Bevilacqua, Scott Brison, David Iftody, Gary Pillitteri, Karen Redman, Gerry Ritz, Monte Solberg, Paul Szabo, Paddy Torsney and Tony Valeri.

Acting Members present: Lorne Nystrom for Nelson Riis and Werner Schmidt for Dick Harris.

In attendance: From the Research Branch, Library of Parliament: Richard Domingue and Marion Wrobel, Research Officers.

In accordance with its mandate under Standing Order 108 (2) the Committee resumed its study of the Tied Selling provisions of the Bank Act. (See Minutes of Proceeding, dated Monday, March 30, 1998, Meeting No.63).

By unanimous consent, it was agreed, - That prior to going in camera, the Committee deal with two submissions received earlier today concerning the Tied Selling provisions of the Bank Act.

By unanimous consent, it was agreed, - That the submission received from Marnie McCall, Executive Director of the Consumers' Association of Canada be read into the record.

By unanimous consent, it was agreed, - That the submission received from Duff Conacher of the Canadian Community Reinvestment Coalition read into the record.

The Chair presented the Third Report of the Sub-Committee on Agenda and Procedure, which reads as follows:

THIRD REPORT OF THE SUB-COMMITTEE ON

AGENDA AND PROCEDURE OF THE

STANDING COMMITTEE ON FINANCE

Your Sub-Committee on Agenda and Procedure met in camera at 9:12 o'clock a.m. on Tuesday, March 17, 1998 and at 9:29 o’clock a.m. Thursday, March 26, 1998 in Room 307 West Block, the Chair, Maurizio Bevilacqua, presiding.

Members of the Sub-Committee present: Maurizio Bevilacqua; Scott Brison; Monte Solberg, and Paddy Torsney .

Other Members present: Yvon Godin for Nelson Riis and Pauline Picard for Yvan Loubier.

Also in attendance: From the Parliamentary Research Branch: Richard Domingue and Marion Wrobel, Research Officers.

The Sub-Committee met to consider the future business of the Committee and agreed to make the following recommendations:

  1. That the Committee undertake a study of the Tied Selling provisions of the Bank Act as amended in Bill C-82 of the previous Parliament and that one and one half days of public hearings on this subject be scheduled for Monday, March 30th and Tuesday, March 31st, 1998.

  2. That should Bill C-36, An Act to implement certain provisions of the budget tabled in Parliament on February 24, 1998 be referred to this Committee on Tuesday, March 31st , the first meeting will be held on Thursday, April 2, 1998.

  3. That all members send their list of suggested witnesses on Bill C-36 to the Clerk as soon as possible.

  4. That the Chair be authorised to prepare a framework and structure for the Pre-Budget Consultations reflecting the Committee's decision to start the hearings earlier in the year. The new approach will concentrate on specific issues such as the Brain Drain; impact of the number and rate of taxes on unemployment, etc.

  5. That the researchers prepare a plan to invite outside experts in the fields of economics and fiscal policy to present papers and participate in a series of one-day sessions on areas of economic concern.

  6. That the Clerk of the Committee be authorised to put a notice on the Committee's website announcing the public hearings on Tied Selling and announcing, on an as need basis, studies including legislative studies for which the Committee would be seeking public input.

At 10:17 o’clock a.m., the Sub-Committee adjourned to the call of the Chair.

 

On motion of Paul Szabo, it was agreed, - That the Third Report of the Sub-Committee on Agenda and Procedure of the Standing Committee on Finance be adopted as read.

By unanimous consent, it was agreed, - That, the researchers in consultation with the Chair put together a proposal for the Committee to hold a one to two week series of hearings on how to build a world class financial sector in Canada. Members will be consulted on developing the list of interveners on this subject.

At 3:40 o'clock p.m., the Committee suspended its sitting.

At 3:41 o'clock p.m., the Committee resumed its sitting in camera

The Committee proceeded to discuss its future business.

It was agreed, - That the Committee solicit those Canadians who feel they have experienced tied selling to appear to discuss their experiences.

It was agreed, - That the Committee await the report of the MacKay Task Force before making any recommendations concerning the enactment of those provisions of Bill C-82, An Act to amend the Bank Act which deal with tied selling.

On motion of Tony Valeri, it was agreed, - That the deadline for written submissions to the Committee on Bill C-36, An Act to implement certain provisions of the budget tabled in Parliament on February 24, 1998 be Wednesday, April 29, 1998.

At 4:04 o’clock p. m., the Committee adjourned to the call of the Chair.

 

CAROL CHAFE

Clerk of the Committee