Bill S-5 (Historical)

Financial System Review Act

An Act to amend the law governing financial institutions and to provide for related and consequential matters

This enactment amends a number of Acts governing financial institutions. It also amends legislation related to the regulation of financial institutions. Notable among the amendments are the following:
(a) amendments to the Bank Act, the Cooperative Credit Associations Act, the Insurance Companies Act and the Trust and Loan Companies Act aimed at reinforcing stability and fine-tuning the consumer-protection framework; and
(b) technical amendments to the Bank Act, the Cooperative Credit Associations Act, the Insurance Companies Act, the Trust and Loan Companies Act, the Bank of Canada Act, the Canada Deposit Insurance Corporation Act, the Canadian Payments Act, the Winding-up and Restructuring Act, the Office of the Superintendent of Financial Institutions Act, the Payment Clearing and Settlement Act and the Financial Consumer Agency of Canada Act.

Financial System Review Act

[Rodger Cuzner, Liberal, Cape Breton—Canso, NS]

Mr. Speaker, I appreciate the comments offered by my colleague from Windsor West. He was not far off in regard to the merger being supported by some members of the government at the time. John Manley was a big advocate. However, to say the NDP stopped the merger, it is a little far off. The NDP had 19 members in the chamber at the time and the Liberals had 161.

Could the member reach back into the NDP playbook to find out what those 19 members did to stop the mergers and perhaps get some advice from them as to how we can stop the government proceeding with things like time allocation?

[Brian Masse, NDP, Windsor West, ON]

Mr. Speaker, we all know that the NDP punches above its weight. It is as simple as that.

[Brad Butt, Conservative, Mississauga—Streetsville, ON]

Mr. Speaker, I want thank all the hon. members for the debate today. I think members have endeavoured to bring some ideas to the floor today. After the bill passes second reading, we will go to committee and we will continue to have more discussion about how we can continue to ensure Canada's sound financial system, which is a model for countries around the world. We are praised by countries around the world for our strong banking and economic and financial system. That needs to continue and get stronger. The financial system review act would ensure our financial system continues to be secure for Canadians and a fundamental strength for our economy.

Let us just quickly remind ourselves what is in the bill.

The bill includes measures to update financial institutions' legislation to promote financial stability and ensure Canada's financial institutions continue to operate in a competitive, efficient and stable environment. It proposes to fine-tune the consumer protection framework, including enhancing the supervisory powers of the Financial Consumer Agency of Canada, and improve efficiency by reducing the administrative burden on financial institutions and adding regulatory flexibility.

This is a good bill. It needs to go to committee and it needs to come back. We need to get on with the statutory review, as required under the law, and continue Canada's strong financial services sector.

[The Acting Speaker, Conservative, Bruce Stanton]

It being 5:45 p.m., pursuant to an order made earlier today, it is my duty to interrupt the proceedings and put forthwith every question necessary to dispose of the second reading stage of the bill now before the House.

The question is on the motion. Is it the pleasure of the House to adopt the motion?

[Some hon. members]

Agreed.

[The Acting Speaker, Conservative, Bruce Stanton]

Accordingly the bill stands referred to the Standing Committee on Finance.

(Motion agreed to, bill read the second time and referred to a committee)

[The Acting Speaker, Conservative, Bruce Stanton]

The House will now proceed to the consideration of private members' business as listed on today's order paper.