FINA Committee Meeting

Meeting No. 106

Monday, September 21, 1998

The Standing Committee on Finance met in camera at 9:00 a.m. this day, in Room 253-D, Centre Block, the Chair, Maurizio Bevilacqua, presiding.

Members of the Committee present: Maurizio Bevilacqua, Scott Brison, Dick Harris, Yvan Loubier, Gary Pillitteri, Karen Redman, Paul Szabo and Tony Valeri.

Acting Members present: Ted McWhinney for Mark Assad, Alex shepperd for David Iftody, David Pratt for Paddy Torsney, Ken Epp for Gerry Ritz, Diane Ablonczy for Monte Solberg, Odina Desrochers for Gilles Perron, Lorne Nystrom for Nelson Riis.

Associate Member present: Nick Discepola.

In attendance: From the Library of Parliament: Richard Domingue; Marion Wrobel, Researchers.

Witnesses: From the Task Force on Future of the Financial Services Sector: Harold MacKay, Chairman; Pierre Ducros, Vice-Chairman; Fred Gorbet, Executive Director.

In accordance with its mandate under Standing Order 108(2), the Committee resumes its study of the Report of the Task Force on the future of the Canadian Financial Services Sector.

The Committee proceeded to consider its future business in camera.

It was agreed, - That the Committee adopt the draft work plan which includes provisions for the Pre-Budget Consultations Study; the study of the Report of the Task Force on the Future of the Canadian Financial Sector.

It was agreed, - That the Committee adopt the proposed travel plans for the Pre-Budget Consultations Study and the study of the Report of the Task Force on the Future of the Canadian Financial Services Sector, covering the periods October 4-9; October 14-16; October 18-23 and November 2-3, 1998.

It was agreed, - That the Committee agree to create two groups to complete the travel plans and that, where possible, both groups have representation from all the recognized parties in the House.

It was agreed, - That the Committee agree to cover the travel and per diem costs associated with the addition of one NDP and one PC member to the second group during its cross Canada hearings on the Pre-Budget Consultations Study and the Study of the Report of the Task Force on the Future of the Canadian Financial Services Sector.

It was agreed, - That the Committee adopt the proposed draft budget for the cross Canada travel related to the Pre-Budget Consultations and the Task Force on the Future of the Canadian Financial Services sector in the amount of $397,002.55 and that the Chair be authorized to request these funds from the Liaison Committee.

It was agreed, - that the Committee retain the services of Tremblay-Guitet (consultants) to assist the Committee in the writing, editing, translating and revising of its reports on the Pre-budget Consultations and on the recommendations of the Report of the Task Force on the Future of the Canadian Financial Services Sector and that the contract for the period of October 1^st through December 4^th, 1998 at $500 a day, and not to exceed $20,000 be adopted.

At 9:30 o'clock a.m., the sitting was suspended.

At 10:00 o'clock a.m., the sitting resumed in public.

Harold Mackay made an opening statement and with the witnesses answered questions.

At 1:10 o'clock p.m., the sitting was suspended.

At 1:15 o'clock p.m., the sitting resumed.

Diane Ablonczy moved - That the Standing Committee on Finance strike a sub-committee to investigate the firing of the Chief Actuary of the Canada Pension Plan, Bernard Dussault.

And debate arising thereon.

Tony Valeri moved, - That the motion be amended by adding after the words "Bernard Dussault" the following: "After completion of any legal proceedings into this issue, or at the first available date after the principal have exhausted their legal options.

The question being put on the amendment it was carried on the following division:

The question being put on the motion as amended, it was carried unanimously.

At 1:40 p.m., the Committee adjourned to the call of the Chair.

Jacques Lahaie


Clerk of the Committee