Thank you, Mr. Chair.
As you mentioned, we are here to speak to you about part 4, division 8, with respect to the Financial Administration Act.
These proposals are with respect to the provisions in part 4 of the bill, which I will refer to as the FAA for short. This part authorizes the Minister of Finance, with the approval of the Governor in Council, to borrow on behalf of the government, including for issuing securities and undertaking related activities.
Prior to 2007, the Minister of Finance was required to seek approval from Parliament to increase market borrowing. Amendments were made to the FAA in 2007 that removed the need for the minister to seek parliamentary approval in seeking to increase market borrowing. This division amends the FAA to restore the requirement for the Minister of Finance to seek parliamentary approval of borrowing activities, including the borrowing of agent crown corporations.
I would be pleased to take your questions.