House of Commons photoLost his last election, in 2015, with 32% of the vote.
Foreign Affairs February 14th, 2012
Mr. Speaker, yesterday we learned that three Canadian doctors arrived in Kiev as part of a medical mission to Ukraine to see former Ukrainian Prime Minister Yulia Tymoshenko.
For months our government has shown leadership in her case, and we are pleased by reports that she is one step closer to receiving the medical attention she deserves.
Would the Minister of Foreign Affairs please update the House on Canada's latest work in Ukraine?
Foreign Affairs February 10th, 2012
Mr. Speaker, Canada remains tremendously concerned about reports from Ukraine regarding the deteriorating health of Yulia Tymoshenko, the former prime minister of Ukraine.
In November, the Minister of Foreign Affairs indicated that Canada was willing to provide medical assistance to Ms. Tymoshenko.
Would the Parliamentary Secretary to the Minister of Foreign Affairs please update the House on Canada's response to this situation?
Copyright Modernization Act February 10th, 2012
Mr. Speaker, I thank my hon. colleague for his comments about Bill C-11, the attempt on the government's part to update our copyright legislation. I know my colleague has been in this place many years and was part of the government for 13 years. The Liberals had a majority government but really made no significant changes to update our copyright legislation. Maybe, as part of that government, he could explain some of the challenges and why no significant changes were made to the copyright legislation and why it is still stuck in the latter part of the 20th century.
Business of Supply February 9th, 2012
Mr. Speaker, when I came to this place from the private sector, it felt as though I had stepped into a time warp. It feels like it is 1988 all over again when we talked about the free trade agreement and how it would result in job losses to the United States.
I want to correct the member on a couple of issues. He said that most of the jobs created since July 2009 had been part-time and low paying jobs. According to Statistics Canada, about 539,000 of the new jobs created were in high wage industries and about 570,000 were full-time jobs. Those are pretty good numbers.
What are the thoughts of the hon. member on the benefits of free trade? Is he for or against free trade with our trading partners in the U.S.?
Toronto February 7th, 2012
Mr. Speaker, while the opposition members talk, it is our Conservative government that has delivered for Toronto families.
It is our government that put knowledge infrastructure investments into universities and colleges like the University of Toronto, York, Ryerson, George Brown and Humber. We have made major investments in roads, GO Transit, the Toronto Transit Commission and the revitalization of Union Station, supporting commuters and businesses in our largest city. We are there for seniors and persons with disabilities, making major investments in low-income housing.
We are the party that cares about a vibrant, healthy Toronto: Ronald McDonald House, the Hospital for Sick Children, the Art Gallery of Ontario, the Royal Ontario Museum, the TIFF Bell Lightbox and scores of recreational facilities across the city. We have invested in Toronto's waterfront revitalization and in Pan Am Games infrastructure.
We are the party that lowered the GST from 7% to 6% to 5%. While the NDP and Liberals offer nothing but lip service, our Conservative government is standing up for Toronto families.
Financial System Review Act February 3rd, 2012
Madam Speaker, it is really important right now that we have a very stable financial system to ensure there is liquidity. Many companies are in precarious situations when it comes to growing their businesses and plans. Also, consumers need to have financial institutions they can rely on when it comes to their mortgages.
We have not had the problem that the United States and other places have had, and we can thank the leadership of this government for making sure of that.
Financial System Review Act February 3rd, 2012
Madam Speaker, I thank my colleague for the question.
This bill has a rather specific mandate: to examine measures related to financial products. However, some financial products are not regulated by this bill. Therefore, they are not part of this bill's core mandate.
Financial System Review Act February 3rd, 2012
Madam Speaker, financial literacy is one of those key foundational elements to having a successful life in this country, along with health and civics. We really believe that all Canadians should have strong financial literacy so that they can be successful in their lives, not just taking care of their own financial future but also those of their families, and sharing that financial knowledge with their friends and becoming literate to function effectively in today's society.
Therefore, we proposed legislation to increase financial literacy. We are working with educational practitioners as well as financial institutions to make sure that this kind of program is expanded throughout the country.
Financial System Review Act February 3rd, 2012
Madam Speaker, I thank my colleague opposite for the question.
As the member knows, in our Parliament, bills can be introduced in either chamber. The Senate committee responsible for examining the financial system and its regulations studied this bill thoroughly. One of the Senate's mandates is to propose and analyze such bills. It began the process in 2010 and we are very pleased with the excellent job it did. That is why we are proposing that the bill be enacted.
Financial System Review Act February 3rd, 2012
Mr. Speaker, thank you for the opportunity to contribute at second reading of Bill S-5, the Financial System Review Act.
This bill is important because it seeks to regulate one of the most important sectors in the country: financial services.
Today's act is significant because it regulates one of the most important sectors of the Canadian economy, financial services. In fact, this sector is a key foundation our economy depends on. It is also a cornerstone of the economy of the city I represent in Parliament, Toronto.
The act would also help ensure that Canada's financial system remains strong and secure, a system that has been made a model for countries all over the world in a period of global economic turmoil. In fact, for four consecutive years Canadian banks have been ranked the soundest in the world by the independent World Economic Forum. This has been further acknowledged by other independent observers, both in Canada and internationally.
Here is what a few are saying. Noted Toronto Sun columnist Peter Worthington has said:
Canada's banking system is now widely recognized as arguably the world's best. No Canadians fear for their deposits as many Americans do.
The influential Economist magazine has proclaimed:
CANADA has had an easier time than most during the recent global recession, in part because of a conservative and well-regulated banking system.
Finally, U.K. Prime Minister, David Cameron, has praised our system in this very House:
In the last few years, Canada has got every major decision right. Look at the facts. Not a single Canadian bank fell or faltered during the global banking crisis. Canada got to grips with its deficit and was running surpluses and paying down the debt before the recession, fixing the roof while the sun was still shining. Your economic leadership has helped the Canadian economy to weather the global storms far better than many of your international competitors.
On a broader scale, the financial services sector plays a significant part in the daily lives of Canadians, from a child making his or her first deposit in a bank account to a young family taking on a mortgage to buy their first house. Businesses in my riding of Etobicoke--Lakeshore rely on the liquidity of Canada's banking system to finance their day to day operations and their expansion plans.
Beyond relying on the financial services industry for everyday products and services, its businesses are an important economic driver. As my colleague mentioned earlier, it employs over 750,000 Canadians in well-paying jobs. Moreover, the sector represents about 7% of Canada's overall GDP.
Finally, Canada's banks are playing an increasingly large role on the world stage via their expansion in the United States, Central and South America, and in other emerging markets.
Accordingly, there is no doubt about the importance of ensuring that the legislative governance of this critical sector is effective and current.
Accordingly, today's act supports the ongoing stability of Canada's financial sector, fine-tunes consumer protection provisions and adjusts the regulatory framework to better reflect new economic developments.
Specifically, today's act includes measures to update legislation to promote financial stability and ensure that Canada's financial institutions continue to operate in a competitive, efficient and stable environment; adjust the consumer protection framework, including enhancing the supervisory powers of the Financial Consumer Agency of Canada; and improve efficiency by reducing the administrative burden on financial institutions and by adding regulatory flexibility.
Furthermore, the act will improve the ability of regulators to share information efficiently with their international counterparts; change the priority status of segregated fund policies in insolvency situations to facilitate timely transfer; clarify that Canadians, including bank customers, are able to cash government cheques under $1,500 free of charge at any bank in Canada; promote competition and innovation by enabling co-operative credit associations to provide technology services to a broader market; and reduce the administrative burden for federally regulated insurance companies offering adjustable policies in foreign jurisdictions by removing duplicative disclosure requirements.
I will quickly expand on a few of these points.
Effective and competitive financial institutions are essential for creating an environment favouring savings and investments in Canada and for improving our standard of living.
The regular review of the financial sector statutes allows the government to amend the framework as necessary so that financial sector legislation and regulations continue to be effective and efficient. Indeed, today's act is mandatory legislation. The government has a long established practice of reviewing the statutes governing federally regulated financial institutions every five years to maintain the safety and soundness of the sector for Canadians.
For the information of the House, the latest legislative review and subsequent legislation were completed in the 39th Parliament through Bill C-37. The present five-year review began in September 2010 when the finance minister launched an open consultation process with Canadians on how to improve our financial system. The financial system review act addresses a number of key areas that were identified in the review and consultation process to achieve increased legislative and regulatory efficiency.
Currently, financial institution statutes have a built-in sunset clause that causes them to lapse five years after they come into force. The proposed common sense amendments in Bill S-5 modify the statutes to lengthen the automatic extension period of the sunset date, triggered by the dissolution of Parliament, from three months to six months. This will allow greater flexibility and more security for consumers and Canadian institutions.
We all know that consumers have the ability to manage their finances. In properly managing financial affairs, we know that knowledge is critical. That is why the government is moving forward to implement the recommendations of the task force on financial literacy aimed at improving financial literacy for all Canadians.
At the same time, the government is responding to concerns about the terms and conditions associated with network branded pre-paid cards by developing measures to enhance the consumer protection framework.
Changes in today's legislation fine-tune the consumer protection framework and enhances the supervisory power of the Financial Consumer Agency of Canada by confirming that all Canadians are able to cash government cheques in amounts of less than $1,500 free of charge at any bank in Canada; and increasing the maximum penalty for violation of a consumer provision, consistent with penalties for other violations under financial institution statutes. These are all important measures that will protect consumers when dealing with financial institutions.
As members know, the rate of change in the financial services sector has only increased in recent years. Another objective of today's act is to allow financial institutions to respond to change by allowing them to better adapt to new developments in the industry. In other words, financial institutions must be able to effectively respond to developing trends such as globalization, convergence, consolidation and technological innovation.
To summarize, the measures proposed in the financial system review act would reinforce stability in the financial sector, fine-tune the consumer protection framework and adjust the regulatory framework to new developments.
Renewing Canadian financial institution legislation on a regular basis has resulted in a robust and effective financial system that is aligned with and more responsive to developments in the financial markets and the broader economy. Today's act provides framework that would benefit all participants in the financial services sector, financial institutions as well as all Canadians. It maintains the longstanding practice of ensuring regular reviews of the regulatory framework for financial institutions, a unique practice that sets Canada apart from almost every other country in the world.
Therefore, I urge all members to support the proposed financial system review act.