Mr. Speaker, I am pleased to speak to Bill C-60. I wish that I had more than 10 minutes, because there is so much to say about this bill.
We were not given nearly enough time at the Standing Committee on Finance. I would therefore like to take this opportunity to waste a few seconds of my precious time to express my opposition to the government's 39th gag order and the fact that the Standing Committee on Finance's study of this bill was a sham.
The committee was responsible for studying Bill C-60. As everyone no doubt remembers, we suggested splitting up the bill in the interest of serving Canadians well. We wanted each committee to have an opportunity to consider relevant parts of the bill, to study them fully, seriously and in depth, instead of looking at the mishmash of measures in this omnibus bill over what amounted to barely two and a half meetings. The committee did its clause-by-clause reading, then wrapped it all up in the blink of an eye with almost total disregard for the witnesses and the integrity of the committee process. It is truly appalling.
I would like to get right to the point and focus on changes to the Investment Canada Act. I have chosen to discuss this aspect as a reminder that, in my riding of Beauport—Limoilou, White Birch Paper's Stadacona mill met with what I would call a tragic fate. I have brought this subject up several times already.
In 2003, when an American investor—more specifically, an unscrupulous investor from New York—bought the Quebec City mill, it employed 1,600 people. At this time, after a nasty lockout and numerous measures to defraud pensioners and workers, only a little over 200 people remained employed at that mill. The mill is operating at well below half of its capacity.
I would like to go into a bit of the history of what happened before the 2011 election. When the lockout was imposed, over 600 employees were working there. Given their working conditions, the work was spread over three shifts and was done around the clock. The order book was full.
This Quebec City industrial gem was altered completely. It was virtually abandoned and left with an uncertain future. It is hard to imagine that this mill could be revived anytime soon, especially since the transaction whereby White Birch Paper was sold to Black Diamond Capital is linked to one of the shareholders, namely, the son of the former owner. That kind of absolutely unbelievable manoeuvring revealed the flaws in the Investment Canada Act.
I mentioned the unfortunate complicity on the part of my Liberal colleagues who agreed, under absolutely false pretenses, to drastically raise the review thresholds for foreign investments. That threshold will now be $1 billion. For the minister involved, this will be something quite extraordinary in the course of a year, something that will be worth mentioning, given the number of transactions of that size that we are likely to see.
Meanwhile, any number of highway robbers, thieves and fraudsters can freely and openly engage in unfair competition with honest investors and real entrepreneurs who care about developing businesses, taking on missions, diving into a great business adventure and taking positive initiatives, as well as providing opportunities for workers and our young people. It is truly appalling.
Unfortunately, we know that Bill C-60 will pass, barring some unforeseen incident. We can always hope. In the event that a number of government members are regrettably absent, we will gladly vote down their bill.
I would like to talk about the Investment Canada Act and, more specifically, about expanding the criteria. The Minister of Industry will have very few reasons to review transactions in Canada, and that represents a threat to the Canadian economy.
I was on the Standing Committee on International Trade for one year. I have no problem welcoming foreign investors with open arms. However, we cannot be naive. We need to take at least a few precautions when a so-called investor tries to acquire a Canadian business. It is no different from when a business owner or our financial institutions—our banks—make enquiries about consumers who make significant transactions. That is not unusual; it makes sense.
It is common for a credit check to be conducted when someone is buying a house or car or signing a lease.
How can the government be so lenient when it comes to entire sectors of our economy? Millions of Canadians suffer, directly or indirectly. They suffer directly because the company cuts operations and business is threatened. They suffer indirectly because when working conditions worsen and businesses become filled with cheap labour, they take on other forms, creating unfair competition for business owners who play by the rules and actively participate in Canada's development. A huge number of people are affected.
The erosion of our industrial fabric, our economic fabric and our social fabric is a liability and a disturbing legacy to leave for future generations, particularly since the government is moving forward at top speed. It is absolutely incredible.
Unfortunately, another part of this pseudo-investment is the decision to terminate the pension fund for current and retired employees of the Stadacona mill of White Birch Paper. There will be new developments on that front in the coming days. I continue to watch it all very closely.
Providing our workers and retirees with much less attractive retirement benefits will also undermine the sustainability of our economy to a certain extent. The reality is that having a large number of retirees is also a stabilizing factor in turbulent economic times. We have seen that in the Quebec City area.
I could have talked about the elimination of the tax credit for labour-sponsored funds, which is not in Bill C-60, but is another bad measure. I could also have talked about the creation of private pension funds that, unfortunately, will make workers shoulder the entire responsibility by making employer contributions optional. This will also make it much more difficult to save for retirement.
I am pleased to have spoken out against the type of measures adopted. There is no need to worry that all we are going to do is complain. We are laying the groundwork for our future and for taking power and correcting this situation.