moved for leave to introduce Bill C-301, an act to provide for the limitation of interest rates in relation to credit cards issued by financial institutions, companies engaged in retail trade and petroleum companies.
—Mr. Speaker, it will be remembered that about a year ago, during the 35th Parliament, many members in this House had called upon the banks and large department stores to be reasonable with the interest rates they charge to people holding their credit cards.
We all know that this initiative by private members yielded results and that credit cards with reduced rates were made available. However, over 90% of credit card holders are still burden with excessive interest rates.
As members, we must continue our initiatives, and I invite all members in this House—the Bloc Quebecois members are already behind me on this—to take action in order to bring the banks to be reasonable with consumers.
(Motions deemed adopted, bill read the first time and printed)