Mr. Speaker, my colleagues before me did a good job explaining the subject matter of Bill C-91. Therefore, I will only say that it is mainly aimed at transforming the Federal Business Development Bank, commonly known as the FBDB, into the Business Development Bank of Canada.
To create this new entity, the government is not amending the Federal Business Development Bank Act; it is introducing a new piece of legislation, Bill C-91.
I will deal with three aspects of this bill. The mandate of the FBDB, as we know it, will be extended. Consequently, the
modified FBDB will no longer be solely a financial institution geared to last resort funding. From now on, the new Business Development Bank of Canada will be able to provide complementary funding to other financial institutions.
Second, it will now be easier for the Business Development Bank of Canada to enter into agreements with public and private partners, either at the federal or provincial level, to set up financing syndicates.
Third, the bank will have financial instruments, such as shares, which will enable it to increase its capital without depending on government funds.
I will therefore focus on the disastrous consequences of this amendment on regional development. Unfortunately, it would appear that, under the guise of regional development, Bill C-91 is the new way the federal government has found to once again interfere in provincial affairs.
As in many other areas, it has not been clearly established whether regional development is a provincial or a federal responsibility. Some provinces, such as Quebec, have long demanded exclusive powers in this area. As you might expect, the federal government has always refused to recognize regional development as a strictly provincial responsibility.
At each round of constitutional negotiations, this claim was summarily rejected. However, under Quebec-Canada framework agreements the federal government had made a commitment to the Quebec government to limit its regional interventions.
The Economic and Regional Development Agreement for Quebec came to an end in December 1994 and the federal government refused to renew it. Clauses 20 and 21 of the bill will make the Business Development Bank of Canada more visible in the outlying regions since it will have the authority to sign agreements directly with other federal departments, regional agencies like the conseils régionaux de développement, and, eventually, with the corporations de développement économique and even with individuals.
If the bank can deal directly with local stakeholders, it could have a negative impact on provincial strategic plans since it could induce the CRDs to model their priorities on Ottawa in order to get money. Therefore, the bill disregards the joint efforts made by the provincial governments and the local business community. Once again the federal government comes trampling in, saying: "Make way, here we come with our spending power!"
Let me remind you that this famous spending power has given the federal government a debt which now stands at $550 billion. Let me remind you also that this $550 billion debt has been accumulated largely, if not totally, over the last 25 years. And except for a period of nine years, who were the leaders of this country during those last 25 years? We all know that the Liberal Party of Canada was in office during those years. That is what spending power gives us. They meddle in everything and often spend ill-advisedly. Just look at the facts. In the present case, a simple name change will cost Canadian taxpayers millions.