Madam Speaker, I have a comment concerning Bill C-38. First, let me congratulate the minister as well as his department on introducing legislation which will ensure competition as well as choice for consumers of financial services in Canada.
My point focuses on some of the comments made by the minister which now exist in the proposal dealing with MacKay task force recommendation 22.
The MacKay task force stated that further legislation should permit co-operative banks and other financial institutions to be chartered as new institutions with ownership and governance to be based on co-operative principles, subject to compliance with applicable provincial legislation. Provincial credit union and credit union centrals should be able to continue as co-operative banks under the Bank Act.
The House committee on finance as well as the Senate banking committee have both agreed with the task force recommendations. I understand that the bill already provides some additional flexibility as well as scope for the credit unions. I was quite encouraged to hear the minister stating that the Department of Finance is committed to continuing to work with the credit unions and co-operatives, so they can pursue more the co-operative bank model.
I look forward to working with the minister and the finance committee to see that the co-operative movement gets involved with this legislation as it passes through the legislative process. It is my hope that they will take into consideration their comments and their input.