moved for leave to introduce Bill C-426, An Act to amend the Bank Act and other Acts (cost of borrowing for credit cards).
Mr. Speaker, I am pleased to rise in the House today, seconded by my colleague from Thunder Bay—Rainy River, to introduce a bill that would provide relief to thousands of Canadians across the country who are being gouged in this economic recession by huge credit card interest rates.
This bill, entitled An Act to amend the Bank Act and other Acts (cost of borrowing for credit cards), would amend the Bank Act, the Cooperative Credit Associations Act, the Insurance Companies Act and the Trust and Loan Companies Act, to set the maximum rate that may be charged for the cost of borrowing in respect of credit cards, by no more than 5% of the current Bank of Canada target for the overnight rate.
The purpose of the bill is to finally bring some relief to the thousands of Canadians who are suffering from huge debt loads. We believe this rate to be fair and transparent, and it would allow companies to make a profit and stop consumers from being gouged.
(Motions deemed adopted, bill read the first time and printed)