Finance Committee on June 2nd, 2009

[Cathy McLeod, Conservative, Kamloops—Thompson—Cariboo, BC]

Thank you.

As a person who's sitting in on this committee today, I have heard a particularly fascinating conversation. I really appreciate hearing what the witnesses had to say.

I would like to talk a little about the literacy issue and some of the changes that we have made. I certainly remember the advantage of consumer education in grade 9. I have three young adult children. I'm carefully making sure they move through this marketplace with full knowledge. Having said that, I recognize that perhaps not all consumers in Canada have those same advantages, so I was particularly pleased to hear about transparency and literacy.

Our government did announce a number of changes. I think they were well received in many ways. I guess my question would be to Ms. Reed. These issues around credit cards have been going on for a long time. Has anything happened over the last 10 years in terms of moving forward on this issue?

[Geneviève Reed]

Thank you for your question Ms. McLeod.

There are two important things you should know. On the one hand, with respect to numeracy, that is the financial ability of Canadian consumers, the FCAC is currently doing a survey to understand the situation and it will then take any necessary measures. In Quebec and in other parts of the country, home economics courses have been dropped in high schools. That is a loss for everyone.

On the other hand, with respect to regulations and a framework for credit cards, for years we have wanted the federal government to set minimum thresholds. There are also provincial regulations and that is where it gets very difficult: we're often caught in between.

[The Co-Chair, Conservative, James Rajotte]

Thank you.

You have 30 seconds, if you want to make a brief comment.

[Cathy McLeod, Conservative, Kamloops—Thompson—Cariboo, BC]

Again, it sounds like this action by our government is the first positive action in many, many years towards meeting some of these needs.

Thank you.

[The Co-Chair, Conservative, James Rajotte]

Thank you.

I want to thank all of the witnesses for coming in today, for your presentations, and for your responses to the committee. I believe there was one question from one member on which we need follow-up to the clerk. If there's anything further, please submit it to the clerk. We will ensure that all members get it.

Colleagues, we will adjourn the joint meeting and then start with the finance committee meeting in about two or three minutes.

The meeting is adjourned.