Thank you, Mr. Chair.
I am coming back to the Department of Finance representatives on another theme. Some witnesses we heard from gave us documents and made proposals. Some of them talked about how Canada’s criminal interest rate must be changed through legislation.
In Quebec, if I’m not mistaken, 35% is the maximum rate considered usurious under the Consumer Protection Act. The federal rate, however, is 60%. I would like to know if there should possibly be a reduction in the maximum criminal interest rate. A rate of 60% seems extremely high to me. It should be reduced in order to better protect consumers. Financial institutions and others may be tempted to constantly increase rates; that was the case for credit cards, with a few points added to the rate in recent years. However, we have to send the message at some point that, ultimately, beyond a certain interest rate, it becomes immoral.