Mr. Speaker, I move that the seventh report of the Standing Committee on Finance presented on Friday, June 12, 1998, be concurred in.
I will be sharing my time with the member for Souris—Moose Mountain.
This report from the finance committee deals with the issue of tied selling in the banking industry. I think it is important to note that the banks have long been regarded as captains of the financial industry in Canada. They are heavily regulated by requirement of the government. As well, they are required to operate in a most transparent and ethical manner by the consumers of their business.
Private industry is willing to present to the public a code of ethics or a code of conduct by which it operates so that the people looking to put their trust in their institutions can plainly see the guidelines the banks are going to operate by. The public, the consumers of those services, is able to clearly judge whether those institutions are in fact operating within the guidelines of their code of ethics or code of conduct.
No one will argue that the banking industry is a powerful decision maker in the financial sector and in the economy. It makes very powerful decisions that affect the economy. However, those decisions are less powerful than the Liberal cabinet which sits on the front benches of the government.
While the banks are prepared voluntarily to lay out their code of conduct, their code of ethics, their principles for all to see and to judge them by, the Liberal government has refused, for a number of years now, to make public the code of ethics that the Prime Minister himself says exists, the special code of ethics that he has for his ministers. He has been telling us since 1994 that indeed he has a special code of ethics that his ministers must adhere to and be judged by.
As the Canadian public, the consumers of banking services, ask the banking institutions to have their code of ethics made public—and which they have no problem in complying—we in the Reform Party have been asking the Prime Minister himself to make public the code of ethics, that supposedly exists, that his cabinet members, the most powerful decision makers in the country, are bound to adhere to. Yet he has refused every single request for the public presentation of that code of ethics.
We also understand that he has an ethics counsellor who helped draft the code of ethics. We have requested from the ethics counsellor a copy of this code of ethics but he has told us to speak to the Prime Minister. We have been talking and pleading with the Prime Minister to table in the House this mysterious code of ethics, if it actually exists, so that not only opposition members of parliament but even his own backbench members of parliament would be able to see this code of ethics. As well, the Canadian public would be able to see this mysterious code of ethics that the Prime Minister has maintained over the years actually exists.
Despite the numerous requests to the Prime Minister to table this code of ethics, he has refused to do so a number of times. To date, we have not seen it. He says he has it. We have asked for it but he has not presented it.
One can only draw one of two conclusions: Either the Prime Minister has not been totally honest with us in saying that he has—