Evidence of meeting #19 for Finance in the 45th Parliament, 1st session. (The original version is on Parliament’s site, as are the minutes.) The winning word was billion.
A video is available from Parliament.
Liberal
The Chair Liberal Karina Gould
Again, Mr. Garon, I don't think the officials here are going to be able to answer that question.
Bloc
Liberal
The Chair Liberal Karina Gould
Yes, and you can ask questions. I'm not going to tell you not to, but I don't see any officials who are going to be able to answer your questions.
Bloc
Jean-Denis Garon Bloc Mirabel, QC
It's shameful, Madam Chair. It's shameful.
I'm going to ask a question about the Red Tape Reduction Act.
For regulatory sandboxes, the government is giving itself the right to allow the executive branch to suspend any law or regulation for a project that will promote innovation. I think you know that. It was well publicized.
I would like to know whether, theoretically, this provision can be used following a free trade agreement, for example, to suspend certain parts of the bill on the protection of supply management, if innovation is used as a pretext. Is that possible?
Liberal
The Chair Liberal Karina Gould
Is there anyone who can answer that question?
Can you get an answer from the Department of Finance and provide it to us afterwards, please?
Bloc
Jean-Denis Garon Bloc Mirabel, QC
Bill C‑15 threatens essential services at Quebec libraries because it will allow Canada Post to set its own rates without parliamentary oversight. We contacted people from libraries in Quebec who told us that this might prevent them from sending Braille publications to blind people at a preferential rate.
I would like to know if these specific cases were taken into consideration by the department.
Director, Financial Services Innovation, Department of Finance
There's no one here who can answer that question.
Bloc
Judith Hamel Director General, Financial Services Division, Department of Finance
The officials from the Department of Finance in attendance today are here to talk about legislative changes or new legislation that falls under the authority of the Minister of Finance.
The questions you asked that deal with parts of the bill that fall under the authority of other ministers or other departments would probably be better put to officials in those departments.
Bloc
Jean-Denis Garon Bloc Mirabel, QC
We're kind of wasting our time, but we're used to it at this committee. It happens a lot.
How much time do I have left, Madam Chair?
Bloc
Bloc
Jean-Denis Garon Bloc Mirabel, QC
Oh, come on. Madam Chair, mark this on your calendar.
Is it a currency or a security? There's a jurisdictional issue. I'm not sure yet. I don't have the answer to my own question, which is rare. Is it a currency or a security? In constitutional and legal terms, where do we stand in the division of powers?
Director General, Financial Services Division, Department of Finance
I can start, and my colleague Gloria Wong can continue.
The legislation introduced does not define the stablecoin as either a currency or a security. That's actually to recognize that the stablecoin could be a bit of both or neither.
In fact, stablecoins are cryptoassets whose value is backed by a currency.
Bloc
Jean-Denis Garon Bloc Mirabel, QC
If it's not a currency, it's not under federal jurisdiction. That's a problem.
Liberal
The Chair Liberal Karina Gould
I'm sorry, but this round of questions is over.
We'll continue with Mr. Strauss for five minutes, please.
Conservative
Matt Strauss Conservative Kitchener South—Hespeler, ON
Thank you, Chair.
I was dismayed to hear that we wouldn't be talking about Build Canada Homes at all, but I am curious. I have a technical question in general about how the Department of Finance works—I'm a new parliamentarian—that does pertain to that section.
I guess some of you are generalists. I'm wondering if you could explain this to me. There's the $11.5 billion in the Build Canada Homes act in part 5 of the BIA. Is this money disbursed yet, or is some part of the money disbursed? When will the money be disbursed? Is the money waiting on the BIA to be passed, or is money already flowing? Where is the money?
Conservative
Matt Strauss Conservative Kitchener South—Hespeler, ON
Not at all...? Okay. I will take that question back. I'm just trying to figure out how the department works. It's a good faith question.
Conservative
Matt Strauss Conservative Kitchener South—Hespeler, ON
I would appreciate having the answer tabled.
I guess we are able to ask questions about stablecoin today. In general, what is the goal of the stablecoin act? What are we trying to prevent and what are we trying to accomplish with this act?