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DISSENTING OPINION OF THE BLOC QUÉBÉCOIS
The Future Starts Now:
A Study on Financial Services in Canada
The Bloc Québécois is making the Liberal government retreat!
In general, the Bloc Québécois approves the Liberal majority
report because it essentially embodies the positions that we have been
defending since this issue first arose. It is clear that the Liberal majority
has conceded most of our points.
The Bloc Québécois has always stressed that what is really
at stake is not simply the question of bank mergers, but rather the future
of the entire financial services industry in Quebec and Canada as it affects
the public interest. It has also insisted that certain essential conditions
must be met rapidly before the major banks can be allowed to merge**.
These conditions are designed to ensure competition, protect consumers,
businesses and employees in the banking sector, and accentuate the banks'
social role and their democratization.
The Bloc notes that certain Liberal members of the Finance Committee
changed tack, despite having signed a Liberal Caucus report categorically
rejecting bank mergers. The debate now seems to be focused on what is really
at stake, matters that the Bloc Québécois has been raising
since the discussions began. Naturally, we are delighted.
A preliminary report ... thanks to the Bloc Québécois!
The Bloc Québécois wants to underline that this Finance
Committee report is a preliminary one. Consultations based on the McKay-Ducros
Report will be continuing in February and a final report will be tabled
in March. Thanks to the efforts of the Bloc Québécois, a
motion was tabled in the House to this effect on October 2. The Bloc was
speaking on behalf of the public, which via the Coalition for Personalized
Services was demanding expanded consultations so that a real debate could
be held on the issue. We are pleased to have convinced the Liberals to
adopt the same point of view.
Divergent opinions
The Bloc Québécois does however oppose certain of the
Committee's preliminary recommendations, and plans to work on making sure
that Quebec's areas of jurisdiction in the financial sector are respected.
It is not necessary to centralize everything in Ottawa to achieve harmonization
and simplification in the financial sector. The Bloc is worried by recommendations
that would strip Quebec's Inspector General of Financial Institutions of
his authority to monitor and regulate institutions that come under Quebec's
jurisdiction by virtue of the Constitution.
The Bloc Québécois is also concerned that the Liberals
are recommending that the federal government intervene in consumer protection,
an area that clearly falls under provincial jurisdiction. By doing so,
they will create new duplication with what already exists in Quebec. Among
other things, if the federal legislation provides less protection for consumers
than the Quebec legislation, there would be a weakening in the protection
now enjoyed by Quebeckers. The Bloc plans to convince the Committee
that the best policy would be to give precedence to provincial consumer
protection legislation where it exists, making federally chartered financial
institutions subject to such legislation where necessary.
The Bloc Québécois is disappointed that the Liberals
did not see fit to propose to the Minister of Finance that he amend the
legislation preventing provincial chartered insurance companies from acquiring
blocks of insurance from federally chartered companies. This provision
is highly prejudicial to Quebec enterprises and harmful to their development.
The Bloc Québécois dissociates itself from the Liberal
majority recommendations to reduce taxes on profits made by banks and financial
institutions. This measure is premature at a time when the Liberal
government refuses to reduce income tax for the middle-class or to improve
benefits under the employment insurance plan (which covers only two unemployed
people out of five). Juxtaposing the Liberal recommendations on the banks'
fiscal competitiveness with those favouring multi-millionaire athletes
and high income taxpayers makes it obvious that the Liberal government
is now just a government by the rich for the rich.
Lastly, the Bloc Québécois considers that the Liberals
are not proposing enough measures to oblige the banks to be accountable
to Quebeckers and Canadians, assume their social role and become more democratic
institutions. We intend to continue our push toward these goals. It
should be borne in mind that the Bloc Québécois is the only
party to have tabled a Private Member's Bill on community reinvestment
by the banks.
** On October 26, Bloc Québécois Finance
Critic Yvan Loubier tabled, on behalf of the party, a presentation to the
Finance Committee that sets out our position in greater detail.