Mr. Speaker, I will pick up where I left off earlier.
Bill C-21 states that political entities must report loans in their financial statements. They must specify the amount of the loan, the interest rate, the lender’s name and address, the dates and amounts of repayments of principal and payments of interest, as well as any guarantor’s name and address and the amount guaranteed. The financial agent must report any amendment to the Chief Electoral Officer.
I would like to talk about this measure because I think that it will make transactions more transparent in terms of the lenders and the political entities receiving the loans.
This measure will also help the public find out where the money is coming from, when and how much. This is extremely important. Unfortunately, some entities are still not behaving ethically. We have seen the Conservative Party's questionable practices. In Quebec, the Charbonneau commission is looking into allegations of fraud. People are very concerned about this issue.
Many of my constituents are asking me what is going on and whether they can trust their representatives. These people watch the news and read the papers, so they are informed citizens. However, when they see things like this, they wonder whether democracy really exists in Canada and to whom their representatives are accountable.
I think that such measures will help boost public confidence in our democracy. People will certainly have more confidence that their representatives are following the rules and funding their campaigns appropriately.
Bill C-21 must move forward. I expressed some concerns about financial institutions. We will have to take a closer look at that issue. In general, we all agree that this bill should go to committee.