Mr. Speaker, it is my pleasure to be speaking to Bill C-67 which amends the Bank Act to permit eligible foreign banks to establish branches in Canada. The bill also amends the Winding-up and Restructuring Act and a number of acts relating to financial institutions, and makes consequential amendments to other acts. In plain English, Bill C-67 would allow foreign banks to open branches in Canada but under strict regulation.
The bill was required as part of the commitment Canada made to the World Trade Organization. We are happy to support the efforts of the government.
I will be splitting my time with the member for Esquimalt—Juan de Fuca. You will find unanimous consent for me to do so, Mr. Speaker.