moved for leave to introduce Bill C-398, an act to amend the Bank Act (amalgamation).
Mr. Speaker, it is my pleasure to rise in the House today to present my first private member's bill, an act to amend the Bank Act respecting amalgamation.
This bill addresses recent proposals by a number of Canadian large banks and financial institutions to merge with smaller institutions in Canada.
The primary substance of the bill is to prohibit that process only in limited circumstances, for example where one of the institutions
under the advisement of the Superintendent of Financial Institutions could demonstrate insolvency.
The health of the Canadian financial sector would not be served by these kinds of amalgamations. Most Canadians feel very uncomfortable with some of the banks, particularly at this time, amalgamating even more power. With the help of my colleague, the hon. member for Trinity-Spadina, we propose to table this today.
We believe it will contribute in a very substantial way to the ongoing debate in financial institutions in Canada.
(Motions deemed adopted, bill read the first time and printed.)