moved for leave to introduce Bill C-394, an act to amend the Bank Act (bank mergers).
Mr. Speaker, the purpose of the bill before the House todayis to prevent the merger of banks with each other or federally incorporated bodies to create one bank unless the Superintendent of Financial Institutions advises the Minister of Finance that the merger is necessary to prevent an insolvency or informs the minister that none of the applicants wishing to merge are about to be insolvent. In such a case, the merger would have to be approved by a resolution of the Senate and the House of Commons. Today mergers are approved by the Minister of Finance.
This is a bill to democratize the process where if it happens, it happens by a vote of the House of Commons.
(Motions deemed adopted, bill read the first time and printed)