FINA Committee Meeting

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MINUTES OF PROCEEDINGS

Meeting No. 32

Wednesday, April 2, 2008

The Standing Committee on Finance met at 3:31 p.m. this day, in Room 213, Wellington Building, the Chair, Rob Merrifield, presiding.

Members of the Committee present: Paul Crête, Dean Del Mastro, Rick Dykstra, Jean-Yves Laforest, Hon. John McCallum, Hon. John McKay, Ted Menzies, Rob Merrifield, Massimo Pacetti and Hon. Garth Turner.

Acting Members present: Bradley R. Trost for Mike Wallace and Robert Vincent for Paul Crête.

In attendance: Library of Parliament: Alexandre Laurin, Analyst.

Witnesses: Business Development Bank of Canada: John A. MacNaughton, Chair of the Board of Directors; Jean-René Halde, President and Chief Executive Officer.

Pursuant to Standing Order 108(2) and the motion adopted on February 11, 2008, the Committee commenced its study on the Annual Report and Business Plan of the Business Development Bank of Canada.

The witnesses made statements and answered questions.

The Committee proceeded to the consideration of matters related to Committee business.

At 5:01 p.m., the sitting was suspended.

At 5:02 p.m., the sitting resumed.

John McCallum moved, — That the Standing Committee on Finance hold at least 12 hours of hearings on the asset-backed commercial paper crisis in Canada, including hearing from severely affected Canadians, representatives from the real estate sector and others, in order to determine:

1. Whether federal regulators and other stakeholders could have done a better job in anticipating the crisis and/or reducing its costs;

2. What action the federal government, federal regulators and other stakeholders are taking so as to reduce the likelihood of experiencing a similar crisis in the future; and

That the committee report its findings to the House.

Debate arose thereon.

Dean Del Mastro moved, — That the motion be amended by adding the word “That the hearings occurs after April 25, 2008” after the word “crisis in the future”.

Debate arose thereon.

After debate, the question was put on the amendment of Dean Del Mastro and it was negatived, by a show of hands: YEAS: 4; NAYS: 6.

After debate, the question was put on the motion and it was agreed to.

At 5:18 p.m., the Committee adjourned to the call of the Chair.

Jean-François Pagé
Clerk of the Committee

2008/04/09 8:41 a.m.