Madam Speaker, I want to salute my colleague from Trois-Rivières. It is quite rare that two colleagues can have an almost private dialogue in the House of Commons. The Mauricie region is very well represented here this evening, of course; so, I salute the member, and he will be pleased to hear that I have a simple response to his simple question: we have already taken action.
The member raised an issue that is very important to small and medium-sized businesses and to everyone involved in bank transactions, and we have already taken action.
I will give my speech in both official languages, because this issue affects not only Mauricie and Quebec, but the entire country. As the Parliamentary Secretary to the Minister of Finance, I have had the opportunity and the privilege to meet many stakeholders from the business community, specifically to fully understand the situation. I am confident that the member for Trois-Rivières will be able to rest easy tonight knowing that we have given him a clear answer, because we have already taken action.
As I said, the government is making smart, necessary investments that will strengthen and support the middle class and those working hard to join it. As part of that support, we are guaranteeing a fair and open competitive marketplace for merchants and consumers across the country.
Trust in the soundness and smooth operation of the financial industry is crucial to ensuring that the economy runs smoothly for middle-class Canadians. On this side of the House, our primary objective is to always work for consumers, for Canada's middle class. Canadians expect their government to review and monitor the financial sector so that it remains stable, efficient, and attuned to their changing needs.
To that end, one of the steps the government has taken is on credit card fees. We heard from Canadians, and we acted. In November 2014, Visa and MasterCard made separate and voluntary commitments to reduce their fees, which are known in the industry as interchange fees. Interchange fees influence the cost of credit card acceptance for merchants.
Earlier this year, the government received independent audit findings that both Visa and MasterCard have met their respective commitments. This includes the reduction of interchange fees for small and medium-sized enterprises and charities. That is what small businesses expect of us, and that is what we have done.
To ensure that there is, in fact, adequate competition and transparency for Canadian businesses and consumers when it comes to the fees incurred when using credit cards, the government announced in September that it will conduct a further assessment of the fees set by credit card networks and will review the effects of the fee reductions.
Nearly two years ago, Visa and MasterCard separately committed to voluntarily reduce their credit card interchange fees. Their respective undertakings were to reduce their interchange fees to an average annual effective rate of 1.5% in each of the next five years. Those voluntary commitments took effect in April 2015.
In answer to my colleague from Trois-Rivières, I would say that we have already taken action. We announced that we are going to conduct a more in-depth study in order to better understand the ecosystem and then act accordingly. Canadian consumers will be our priority in whatever action we take. That is our goal. Every time we examine a measure, we assess whether it is in the best interests of Canadians. We will continue to do that.