Bank of Canada Accountability Act

An Act to amend the Bank of Canada Act and to make consequential amendments to other Acts

Sponsor

Andrew Scheer  Conservative

Introduced as a private member’s bill. (These don’t often become law.)

Status

Second reading (House), as of Feb. 9, 2022

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Elsewhere

All sorts of information on this bill is available at LEGISinfo, an excellent resource from the Library of Parliament. You can also read the full text of the bill.

Bank of Canada Accountability ActRoutine Proceedings

February 9th, 2022 / 3:50 p.m.
See context

Conservative

Andrew Scheer Conservative Regina—Qu'Appelle, SK

moved for leave to introduce Bill C-253, An Act to amend the Bank of Canada Act and to make consequential amendments to other Acts.

Mr. Speaker, I want to sincerely thank my colleague, the hon. member for Carleton, who has been warning about the dangers of inflation for some time now, which is very relevant to my bill.

My bill is called the Bank of Canada accountability act. Right now, the Bank of Canada has a special exemption from the purview of the Auditor General. The Auditor General is not able to conduct the types of audits that he or she does over other government departments and agencies.

Since the beginning of the pandemic, the Bank of Canada has massively expanded the money supply in Canada. As a result, we are seeing runaway inflation. In addition to buying government bonds, the Bank of Canada has also purchased corporate bonds, and what this bill would do is grant the authority to the Auditor General to conduct the typical types of audits, in addition to performance audits, so that we can have a better picture of what the bank is doing. This would ensure that the bank is ultimately responsible to Parliament.

Our trading partners around the world already do this. The United Kingdom, Australia and New Zealand all have their auditor generals perform this type of function over their central banks. It is high time that we expand the accountability and transparency measures of the Auditor General to include the Bank of Canada.

(Motions deemed adopted, bill read the first time and printed)