Mr. Speaker, I am always prepared to reassure the members of the official opposition, especially when it comes to reducing costs for businesses and consumers. Similarly, I always appreciate the opportunity to let Canadians know how we are improving the lives of Canadians consumers and the middle class, and to a much greater extent than any other government.
Let me reassure the hon. member that under the leadership of the Prime Minister, our government is standing up for consumers and saving Canadians money. We know that Canadian families work hard to make ends meet. Every dollar certainly does count.
While companies will look out for their bottom line, our government is looking out for all Canadians. When Canadians make decisions about how to spend their money, they must be assured of a voice, a choice and fair treatment. In the October 2013 Speech from the Throne, our government committed to take additional action to protect Canadian consumers.
We understand that Canadians are tired of hidden fees. That is why we have secured voluntary commitments from Canada's eight major banks to enhance low-cost bank accounts and offer no-cost accounts to vulnerable Canadians. Banks have also committed to provide free monthly printed credit card statements.
We have worked with the provinces to maintain the integrity of the framework for payday lending products and to support provincial efforts to appropriately regulate all high-interest-rate payday lending products.
However, our initiatives go beyond law-making and regulation and include public outreach and education. In April 2014, we announced the appointment of Jane Rooney as Canada's first-ever financial literacy leader. Her mandate is to collaborate and coordinate activities with stakeholders to contribute to and support initiatives that strengthen the financial literacy of Canadians. This initiative will allow the government to broaden its efforts and help Canadians make more informed choices for themselves and their families.
Let me also remind the hon. member that Canadian banks understand that they operate in a highly competitive environment and that they must be prepared to respond to the specific and often changing needs of Canadian consumers. Accordingly, the government believes that the best consumer protection framework is one in which there is competition, fees are disclosed, and consumers can exercise choice.
For example, we introduced regulations relating to credit card agreements, including lines of credit and credit cards, that came into force in 2010. These regulations limit business practices that are not beneficial to consumers. They require the provision of clear and timely information to Canadians about credit products, with particular emphasis on credit cards.
Specifically, the government has taken steps to update the existing financial consumer protection framework with several key measures, which include, for example, mandating an effective minimum 21-day interest-free grace period on all new credit card purchases when the customer pays the outstanding balance in full and requiring express consent for credit limit increases.
In November 2014, the Minister of Finance welcomed proposals submitted by Visa and MasterCard to reduce their credit card fees for merchants, which should ultimately result in lower prices for consumers.
The opposition voted against every one of these measures.
We will continue to help business and the middle class with meaningful support rather than the inaction that is too common from the opposition.