Mr. Speaker, the issue of banking fees is important, and it unites all Canadians, small and medium-sized businesses, consumers—basically, anyone with a credit card.
Here is a little known fact: when someone eats out at a restaurant, a large portion of our money goes to the banks, depending on the credit card used. It even comes out of the restaurant owner's pocket. That is the reality. It may be a small percentage here and there, but when you add up all those transactions, it comes out to a huge amount. It has become a serious problem.
Moreover, points cards are increasingly popular. Companies such as American Express take a significant percentage. When businesses decide to accept a certain kind of credit card, they cannot get rid of it just because it costs too much or because they prefer another card. It is a package deal. That reality is causing a lot of problems.
However, in 2009, the House of Commons passed a motion calling on the government to adopt legislation to put an end to excessive credit card interest rates. Five years later, the government still has not introduced a bill addressing this issue. I find it odd that the Conservatives have not taken action when they must realize that bank fees are a serious problem. It is shameful.