FINA Committee Meeting

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MINUTES OF PROCEEDINGS

Meeting No. 19

Thursday, April 2, 2009

The Standing Committee on Finance met at 9:01 a.m. this day, in Room 213, Wellington Building, the Chair, James Rajotte, presiding.

Members of the Committee present: Hon. Maxime Bernier, Robert Carrier, Bob Dechert, Daryl Kramp, Jean-Yves Laforest, Hon. John McCallum, Hon. John McKay, Ted Menzies, Thomas J. Mulcair, Massimo Pacetti, James Rajotte and Mike Wallace.

Acting Members present: Martha Hall Findlay for Hon. John McCallum.

In attendance: Library of Parliament: Philippe Bergevin, Analyst ; Mark Mahabir, Analyst.

Witnesses: Investment Industry Association of Canada: Ian Russell, President and Chief Executive Officer. Credit Union Central of Canada: David Phillips, President and Chief Executive Officer; Ralph Luimes, Chief Executive Officer, HALD-NOR Credit Union. DBRS: Peter Bethlenfalvy, Co-President.

Pursuant to Standing Order 108(2) and the motion adopted by the Committee on Thursday, February 5, 2009, the Committee resumed its study on measures to enhance credit availability and the stability of the Canadian financial System.

Ian Russell, Davis Phillips and Peter Benthlenfalvy made statements and, with Ralph Luimes, answered questions.

At 10:44 a.m., the sitting was suspended.

At 10:46 a.m., the sitting resumed.

The Committee proceeded to the consideration of matters related to Committee business.

The Chair presented the First Report from the Subcommittee on Agenda and Procedure which read as follows:

That the Committee hold hearings on the study of the Measures to Enhance Credit Availability and the Stability of the Canadian Financial System until April 30, 2009, including three sessions on pensions.

That the Finance Committee consider travelling to Washington in May to meet with the International Monetary Fund, the Federal Reserve, the Inter-American Development Bank and the World Bank.

That the Committee invite the Minister of Finance and the Minister of National Revenue for the 2009-2010 Main Estimates.

By unanimous consent, it was agreed, — That the report of the Subcommittee be concurred in.

Jean-Yves Laforest moved, — That the Finance Committee conduct a study of the various debit and credit card transaction fees imposed by merchants as well as the standard and transactional practices that justify them and report its observations and recommendations to the House.

Debate arose thereon.

Ted Menzies moved, — That the motion be amended by replacing the words after the words “conduct a study of the” with the words:

“(a) the various debit and credit card transaction fees imposed on merchants; and

(b) the proposed changes to credit card interchange fees and the debit payment system.

That the study be not necessarily limited to these subjects, that it consist of a maximum of (6) meetings, and that the Committee report its observations and recommendations to the House”.

After debate, the question was put on the amendment of Ted Menzies and it was agreed to.

After debate, the question was put on the motion, as amended, and it was agreed to.

The motion, as amended, read as follows:

That the Finance Committee conduct a study of:

(a) the various debit and credit card transaction fees imposed on merchants; and

(b) the proposed changes to credit card interchange fees and the debit payment system.

That the study be not necessarily limited to these subjects, that it consist of a maximum of (6) meetings, and that the Committee report its observations and recommendations to the House.

At 11:03 a.m., the Committee adjourned to the call of the Chair.

Jean-François Pagé
Clerk of the Committee

2009/04/07 3:29 p.m.