Thank you, Chair.
I'm Julie Trepanier. I'm the director of payments policy at the Department of Finance. I'm joined by William Gibson, who is an economist and on the payments team as well.
The Canadian Payments Act prescribes Payments Canada's mandate, membership and governance framework. Part 4, division 1, subdivision B, makes technical amendments to the Canadian Payments Act in order to, first, allow elected directors to be elected for two additional three-year terms, from the present one additional term; extend the term of the chair and the deputy chair of the board from two to three years; and add an overall limit of six years.
In addition, these amendments would permit the remuneration of members of the stakeholder advisory council subject to by-laws. For example, some members of the advisory council, such as consumer organizations, face resource constraints that may inhibit their ability to participate. These technical amendments were announced in the budget and follow a statutory review of the Canadian Payments Act concluded by the government in February 2019.