Mr. Speaker, my question is for the Minister of Finance.
Bank profits are soaring over last year's record profits while consumer credit card debt has soared to 20 per cent of personal debt. Some credit card holders are paying up to 25 per cent over the prime rate while interest on savings accounts is paid at 3 per cent below prime.
Last week when I asked the minister if he would consider bringing back the Usury Act to outlaw interest rate gouging by banks, oil companies and retail stores on credit card accounts, he said that he would look into it.
In view of these record bank profits and in view of record low interest rates will the government now take action to protect consumers from this outrageous interest rate rip-off and bring the credit card interest rates and interest paid on savings accounts more in line with the Canada prime rates?