moved:
Motion No. 13
That Bill C-8, in Clause 244, be amended by replacing line 9 on page 408 with the following:
“effect of the designation. The Minister must also provide in writing: a ) a statement of the reasons why, in the opinion of the Minister, it is in the public interest to designate a payment system; b ) the process by which consultation of the manager, the participants, and other interested parties who could be affected by the designation can take place, including how the Minister's concerns can be addressed; c ) a statement to the effect that where a system fails to adequately address a Minister's concerns, the Governor in Council may designate a payment system.”
Mr. Speaker, I am pleased to rise in the House on behalf of the Canadian Alliance Party to speak to Bill C-8 and in particular to the motions we put forward at report stage.
Motion No. 1 deals with a clause in the original bill that would require, upon the setting up and operation of the financial consumer agency, the commissioner of the agency to report its activities to parliament through the Minister of Finance.
We have stood in the House on many occasions calling for the independent arms of government agencies and commissions to report not through a minister but directly to parliament, and in this case to the Standing Committee on Finance. The motion reflects that an amendment be put that would require Financial Consumer Agency of Canada to report to the Standing Committee on Finance on a permanent basis.
Motion No. 13 deals with the operation of Interac services. The bill calls for the association to report every rule change during the normal course of operation to the Minister of Finance. This is an onerous demand. We would make an amendment that would give the Interac Association a very clear and transparent framework to operate under that is self-regulating. Its compliance people would have a very clear understanding of what is required of them by the Minister of Finance.
The motion would require that the Minister of Finance provide:
(a) a statement of the reasons why, in the opinion of the Minister, it is in the public interest to designate a payment system;
(b) the process by which consultation of the manager, the participants, and other interested parties who could be affected by the designation can take place, including how the Minister's concerns can be addressed;
(c) a statement to the effect that where a system fails to adequately address a Minister's concerns, the Governor in Council may designate a payment system.
The broad, transparent and clear framework included in the bill by the Minister of Finance would be sufficient for the association to conduct its normal day to day business transactions. It would not burden it with a requirement to report and discuss every rule change so long as it was operating within the broad framework.
That is what I wanted to say as far as the motions put forward from the Canadian Alliance in Group No. 1. Overall it is a progressive bill. While we criticize the government for being tardy on it, we are happy with the bill. It is bringing Canada's banking system to a more progressive stage so that we can compete with our competition around the world.
I ask government members to see the prudence and the common sense in these amendments and I am sure they will support them.