moved for leave to introduce Bill C-226, an act to amend the Bank Act (bank mergers).
Mr. Speaker, this is a very important issue. The bill would amend the Bank Act with regard to mergers among our big banks. It would allow mergers to take place on two conditions. The first would be that if one bank were to become insolvent then, of course, a merger could take place. The other condition would be that a merger applicant would be successful only if the application passes in the House of Commons by virtue of a resolution of the House of Commons, whereby we collectively make the decision, not the Minister of Finance.
(Motions deemed adopted, bill read the first time and printed)