Evidence of meeting #51 for Finance in the 43rd Parliament, 2nd Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was agreed.
A video is available from Parliament.
8:45 p.m.
Conservative
8:45 p.m.
Liberal
8:45 p.m.
Conservative
Ed Fast Conservative Abbotsford, BC
Mr. Chair, let me just add that I am learning a lot here, and I'm sure my colleagues are as well. This process is actually well suited for informing us as members of this committee.
8:45 p.m.
Liberal
The Chair Liberal Wayne Easter
I expect you to get up in the House and say, “What lessons I've learned from the Budget Implementation Act. I'm now a more brilliant person than I was before.”
8:45 p.m.
Conservative
Ted Falk Conservative Provencher, MB
The only problem, Mr. Chair, is that $354 billion is a very expensive education.
8:45 p.m.
Liberal
The Chair Liberal Wayne Easter
It is an expensive education, but it's worth it when you're dealing with Mr. Fast.
Are you on clause 153 too, Ms. O'Brien?
8:45 p.m.
Director General, Financial Services Division, Financial Sector Policy Branch, Department of Finance
No. You will see the friendly face of my colleague Manuel Dussault. He'll take you through clauses 153 to 157.
May 27th, 2021 / 8:45 p.m.
Manuel Dussault Senior Director, Framework Policy, Financial Institutions Division, Financial Sector Policy Branch, Department of Finance
Thank you. Good evening.
Clause 153 would extend the sunset date by two years to June 30, 2025, for trust and loan companies under the Trust and Loan Companies Act.
8:45 p.m.
Liberal
The Chair Liberal Wayne Easter
Is there any discussion?
(Clause 153 agreed to on division)
(On clause 154)
8:50 p.m.
Senior Director, Framework Policy, Financial Institutions Division, Financial Sector Policy Branch, Department of Finance
Clause 154 would extend the sunset date for two years for banks and authorized foreign banks under the Bank Act.
8:50 p.m.
Conservative
8:50 p.m.
Senior Director, Framework Policy, Financial Institutions Division, Financial Sector Policy Branch, Department of Finance
It allows a regular review of the financial institution framework every five years. It sunsets the ability of those financial institutions to operate, and that allows a review by government and Parliament of the financial institution statutes to make sure they're up to date and technically sound.
8:50 p.m.
Liberal
The Chair Liberal Wayne Easter
Shall clause 154 carry on division?
(Clause 154 agreed to on division)
(On clause 155)
8:50 p.m.
Senior Director, Framework Policy, Financial Institutions Division, Financial Sector Policy Branch, Department of Finance
This extends the sunset date for bank holding companies under the Bank Act.
8:50 p.m.
Liberal
The Chair Liberal Wayne Easter
Are there questions? It's pretty straightforward.
(Clause 155 agreed to on division)
(On clause 156)
8:50 p.m.
Senior Director, Framework Policy, Financial Institutions Division, Financial Sector Policy Branch, Department of Finance
This extends the sunset date for insurance companies, foreign companies, foreign insurance companies and societies under the Insurance Companies Act.
8:50 p.m.
Conservative
Ted Falk Conservative Provencher, MB
We're extending a lot of sunset clauses here. The only thing you haven't provided is the rationale for doing it. Is there a reason we're doing it?
8:50 p.m.
Senior Director, Framework Policy, Financial Institutions Division, Financial Sector Policy Branch, Department of Finance
The reason is that it's going to allow the government and Parliament to take into account the full impact of the pandemic by extending the time these institutions can operate by two years.
(Clause 156 agreed to on division)
(On clause 157)
8:50 p.m.
Senior Director, Framework Policy, Financial Institutions Division, Financial Sector Policy Branch, Department of Finance
This extends the sunset date for insurance holding companies under the Insurance Companies Act.
8:50 p.m.
Liberal
The Chair Liberal Wayne Easter
I see no hands here.
(Clause 157 agreed to on division)
(On clause 158)
That finishes division 4. We'll turn to division 5.
We have amendment BQ-4 by the Bloc.