Introduced as a private member’s bill. (These don’t often become law.)
Status
Defeated, as of Oct. 19, 2022 (This bill did not become law.)
Summary
This is from the published bill.
This enactment amends the Bank of Canada Act to provide that the Auditor General of Canada is one of the auditors for the Bank of Canada and makes consequential amendments to the Auditor General Act and the Financial Administration Act .
Elsewhere
All sorts of information on this bill is available at LEGISinfo, an excellent resource from Parliament. You can also read the full text of the bill.
Bill numbers are reused for different bills each new session. Perhaps you were looking for one of these other C-253s:
C-253 (2020)
An Act to amend the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act (pension plans and group insurance plans)
C-253 (2016)
Recognition of Charlottetown as the Birthplace of Confederation Act
C-253 (2013)
An Act to amend the Access to Information Act (response time)
C-253 (2011)
An Act to amend the Access to Information Act (response time)
Votes
Oct. 19, 2022Failed 2nd reading of Bill C-253, An Act to amend the Bank of Canada Act and to make consequential amendments to other Acts
This is a computer-generated summary of the speeches below.
Usually it’s accurate, but every now and then it’ll contain inaccuracies or total fabrications.
Bill C-253 seeks to amend the Bank of Canada Act to allow the Auditor General of Canada to conduct audits of the Bank of Canada's operations, including its monetary policy and financial decisions. Proponents argue this will increase transparency and accountability, while opponents express concern that it could undermine the bank's independence and stability, and that sufficient accountability mechanisms are already in place. The bill has sparked debate about the Bank of Canada's role in inflation and its relationship with the government.
Conservative
Increased accountability for Bank of Canada: The Conservative party supports Bill C-253, which aims to bring the Bank of Canada under the purview of the Auditor General. They believe that this increased accountability and transparency is crucial, especially given the bank's recent unprecedented actions and their impact on the Canadian economy.
Bank of Canada's independence: While acknowledging the importance of the Bank of Canada's independence, Conservatives argue that the bank has failed to maintain low and stable inflation and has been too cozy with the Liberal government, undermining its independence. They believe that parliamentary oversight through the Auditor General is necessary to ensure the bank is fulfilling its mandate.
Addressing inflation: Conservatives view the Bank of Canada's monetary policy, particularly quantitative easing, as a key driver of inflation. They criticize the government's attempts to blame external factors and argue that the Bank of Canada's actions have devalued Canadians' savings and wages.
Performance audits: The Conservatives point out that the existing audits of the bank are insufficient, only looking at the numbers and not the overall effectiveness of the Bank of Canada. They want the Auditor General to be able to do performance audits and value-for-money audits, and not just balance-sheet audits.
NDP
Opposes bill's intention: The NDP views the bill as a politically motivated attack on the Bank of Canada, intended to undermine its credibility and blame it for economic issues like inflation. They believe the bill is a thinly veiled threat and an attempt to interfere with the Bank's independence for partisan gain.
Bill is unnecessary: The Bank of Canada is already subject to sufficient audits and accountability measures, rendering the proposed legislation redundant. Also, the Auditor General already has the authority to audit certain aspects of the Bank of Canada's affairs under the Financial Administration Act.
Focus on corporate accountability: The NDP criticizes the Conservatives for deflecting blame from corporations making excessive profits during the pandemic, such as oil and grocery companies. They argue that addressing corporate greed and taxing these profits is a more effective solution to economic challenges than targeting the Bank of Canada.
Auditor General overworked: The NDP argues the Auditor General is already being asked to do more and more without the resources to be able to do it. They criticize the Conservative's past funding cuts to the Auditor General, and suggest the bill would place further strain on the Auditor General's office without providing additional support.
Bloc
Opposes the bill: The Bloc Québécois opposes Bill C-253, arguing that it is unnecessary because existing accountability mechanisms are already in place within the Bank of Canada Act, and because the bill is part of a broader ideological agenda to undermine public confidence in the Bank of Canada.
Bank's existing accountability: The Bank of Canada Act already requires annual audits by independent firms, grants the Minister of Finance authority to request special audits, and allows the Auditor General to review the bank's operations related to its roles as the government's fiscal agent, advisor on public debt management, and manager of the exchange fund account. The Governor and Deputy Governor regularly appear before committees to be held accountable.
Protect bank's independence: The Bloc Québécois emphasizes the importance of maintaining the Bank of Canada's independence from political influence to ensure long-term economic stability, cautioning against measures that could undermine its autonomy and potentially harm Canada's international image and attractiveness to investors.
Inflation's external causes: The Bloc acknowledges the legitimacy of criticizing the Bank of Canada's management of inflation but stresses the importance of understanding the multiple global causes of price increases, such as supply chain disruptions and the war in Ukraine, which are largely beyond the bank's control.
Liberal
Opposes bill C-253: The Liberal speakers strongly oppose Bill C-253, viewing it as a populist attempt to undermine public trust in the Bank of Canada. They argued the bill would feed a conspiratorial narrative and that the Auditor General lacks the expertise to audit the bank's policy performance, which depends on extraneous factors outside the bank's control.
Defends Bank of Canada's independence: The Liberal members defended the Bank of Canada's integrity and independence, highlighting its long history of serving Canadians well and its international recognition. They criticized the Conservative Party for questioning the bank's credibility and suggesting a lack of confidence in its policies, stating that this hurts the Canadian economy.
Conservatives' economic policies are bizarre: The Liberal speakers highlighted their disagreement with Conservative economic policies, including the leader's previous promotion of cryptocurrency as a solution to inflation. They contrasted this with the government's efforts to address inflation through measures like Bills C-30 and C-31, which provide support to low-income Canadians.
I wish to inform the House that because of the deferred recorded divisions and the tributes, Government Orders will be extended by 86 minutes.
It is my duty pursuant to Standing Order 38 to inform the House that the questions to be raised tonight at the time of adjournment are as follows: the hon. member for Bow River, Health; the hon. member for Courtenay—Alberni, Health; the hon. member for Leeds—Grenville—Thousand Islands and Rideau Lakes, Health.
