Evidence of meeting #19 for Finance in the 40th Parliament, 2nd Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was securities.

A recording is available from Parliament.

On the agenda

MPs speaking

Also speaking

Ian Russell  President and Chief Executive Officer, Investment Industry Association of Canada
David Phillips  President and Chief Executive Officer, Credit Union Central of Canada
Peter Bethlenfalvy  Co-President, DBRS
Ralph Luimes  Chief Executive Officer, HALD-NOR Credit Union, Credit Union Central of Canada
Clerk of the Committee  Mr. Jean-François Pagé

10:50 a.m.

Conservative

Ted Menzies Conservative Macleod, AB

I guess it expands on Mr. Laforest's motion.

10:50 a.m.

Conservative

The Chair Conservative James Rajotte

On the same point of order, Mr. Mulcair.

10:50 a.m.

NDP

Thomas Mulcair NDP Outremont, QC

Yes, go ahead.

10:50 a.m.

Bloc

Jean-Yves Laforest Bloc Saint-Maurice—Champlain, QC

I am prepared to accept it as a friendly amendment and to amend my motion. It could be the same as that proposed by Mr. Menzies. I think that ten meetings is a lot and that if we said a maximum of six, that would still be quite a few.

10:50 a.m.

Conservative

Ted Menzies Conservative Macleod, AB

Fair enough.

10:50 a.m.

Conservative

The Chair Conservative James Rajotte

So you would be okay with it if it said “of a maximum of 10 meetings”?

10:50 a.m.

NDP

Thomas Mulcair NDP Outremont, QC

It would be good to add “a maximum”.

10:50 a.m.

Bloc

Jean-Yves Laforest Bloc Saint-Maurice—Champlain, QC

“A maximum of six meetings”.

10:50 a.m.

NDP

Thomas Mulcair NDP Outremont, QC

It says “a maximum of ten”, but it could be six.

10:50 a.m.

Bloc

Jean-Yves Laforest Bloc Saint-Maurice—Champlain, QC

For my part, I am saying, “a maximum of six”. I think that is quite a few.

10:50 a.m.

Conservative

The Chair Conservative James Rajotte

Okay.

Mr. Mulcair, do you want to—

10:50 a.m.

NDP

Thomas Mulcair NDP Outremont, QC

I think that six meetings would be good. I like the amendment. It expands a little on the main motion and goes in that direction. I am prepared to support it.

10:50 a.m.

Conservative

The Chair Conservative James Rajotte

My sense is that the mover of the motion will accept the friendly amendment, if there's another friendly subamendment—

10:50 a.m.

Some hon. members

Oh, oh!

10:50 a.m.

Conservative

The Chair Conservative James Rajotte

—to have a maximum of six meetings.

10:50 a.m.

Conservative

Ted Menzies Conservative Macleod, AB

It's all friendly!

I'll move it that way, if it simplifies things.

10:50 a.m.

Conservative

The Chair Conservative James Rajotte

Okay, thank you.

10:50 a.m.

Bloc

Jean-Yves Laforest Bloc Saint-Maurice—Champlain, QC

All right. Please read my amended motion.

10:50 a.m.

Conservative

The Chair Conservative James Rajotte

Let me read it.

10:50 a.m.

Conservative

Mike Wallace Conservative Burlington, ON

Okay, sure, Mr. Chair.

10:50 a.m.

Conservative

The Chair Conservative James Rajotte

It would state:

That the Finance Committee conduct a study of the credit card and debit card system in Canada consisting of a maximum of (6) meetings to examine, but not limited to:

(a) Transaction fees imposed on merchants; and

(b) Proposed changes to the credit card interchange fees and the debit payment system; and

and report its observations and recommendations to the House.

I'll take Mr. Wallace first, and then Monsieur Laforest.

10:50 a.m.

Bloc

Jean-Yves Laforest Bloc Saint-Maurice—Champlain, QC

According to what you read, or at least to the translation, you stated: “—of the various debit and credit card transaction fees—”. I would like to retain the phrase “imposed on merchants”.

10:50 a.m.

Conservative

Mike Wallace Conservative Burlington, ON

Right.

10:50 a.m.

Conservative

The Chair Conservative James Rajotte

Should we read the French version?

April 2nd, 2009 / 10:50 a.m.

The Clerk of the Committee Mr. Jean-François Pagé

That the Finance Committee conduct a study of the credit card and debit card system in Canada, consisting of a maximum of six (6) meetings to examine, but not limited to: (a) Transaction fees imposed on merchants; and (b) Proposed changes to the credit card interchange fees and the debit payment system; and report its observations and recommendations to the House.