Mr. Speaker, it is rich hearing the member opposite talk about reducing costs for small businesses. Shamefully, the NDP has opposed all our efforts to protect Canadian consumers and small businesses. The code of conduct, for example, has been welcomed by consumers and industry groups, especially small businesses. However, shamefully again, the NDP voted against the code and against supporting small businesses and consumers.
On this side of the House, we have listened to the concerns of small businesses and we have acted. I urge the member opposite to listen to what small business is saying.
The Canadian Federation of Independent Business said:
—the code has served merchants extremely well...(it) has done an excellent job in ensuring some fair ground rules and maintaining Canada's low-cost debit system...
It went on to say:
—the Code played a big role in saving low-cost debit in Canada and it gave merchants some degree of power in dealing with the payments industry.
That is not all. We have also taken action to expand no-cost banking options for more than seven million Canadians, including seniors and students, and to improve low-cost accounts. We have banned unsolicited credit card checks, limited anti-consumer business practices and ensured that prepaid cards never expire. We have also introduced rules requiring clear disclosure of terms in credit card contracts and applications.
While we are putting more money in the pockets of Canadians, the NDP wants to take it away with hidden carbon taxes and sky high business tax hikes. Unlike the NDP, which only talks about protecting consumers, it is our Conservative government that is acting on its commitments. Most recent, we welcomed the commitments from Visa and MasterCard, which represent a meaningful, long-term reduction in costs for merchants that should ultimately result in lower prices for consumers.
Do not just take my word for it, though. Again, I urge the member opposite to listen to small businesses.
The CFIB applauds the end of the credit card arms race. Dan Kelly, president of CFIB, said:
Canada’s1 small business community is hailing new commitments that could bring an end to ever-increasing credit card fees...Today’s announcement should be a win for consumers too.
How about the Retail Council of Canada? This is what Diane Brisebois, chief executive officer of the Retail Council of Canada, said, “this is an important first step towards ending the escalation of credit card fees”.
If the member is still not convinced, this is what Garth Whyte, president and CEO of Restaurants Canada, said, “This voluntary move to lower rates is a positive step for restaurateurs”.
Why is the NDP opposed to an approach that would see a reduction in Visa and MasterCard fees by approximately 10%? It is because the NDP's only solution is to regulate and tax everything.
On this side of the House, we are looking to cut regulation and red tape. This industry agreement is the best way to protect merchants and consumers.
On this side of the House, we are standing up for consumers and saving Canadians money. Our government believes Canadian consumers deserve accessible and effective financial services that meet the needs of consumers and operate in the public interest. We will continue to ensure their interests are well served.