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FINA Committee News Release

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Standing Committee on Finance
house of commons
HOUSE OF COMMONS
CHAMBRE DES COMMUNES
OTTAWA, CANADA
K1A 0A6

Comité permanent des finances

For immediate release


NEWS RELEASE


The House of Commons Standing Committee on Finance returns from a fact-finding mission to Washington, D.C.

Ottawa, June 09, 2009 -

As part of its current study on measures to enhance credit availability and the stability of the financial system, the House of Commons Standing Committee on Finance (see attached list) travelled to Washington, D.C. from 3-5 June 2009 on a fact-finding mission. In their meetings with members of Congress and relevant stakeholders (see attached list), Committee members heard a variety of views on medium-term economic prospects, including the impacts of stimulus packages on economic growth and on measures that are being, and should be, taken to ensure credit availability and financial stability in the future.

“It was an invaluable mission,” said James Rajotte, M.P., Chair of the Committee. “We gathered information about US actions regarding economic stimulus, credit availability and financial system reform. We also shared our knowledge about the stability of Canada’s financial system, which has been lauded by the IMF and others. Legislators need a full understanding of the actions being taken in each country. Our economies are integrated, and 7.1 million US jobs and 3 million Canadian jobs depend on our bilateral trade.”

Mr. Rajotte continued: “At a time when organizations worldwide are talking about the need for harmonization and coordinated government actions in areas that include financial system reform, Canadian Parliamentarians need a very clear idea of what the US is expected to do in reforming its systems to ensure safety and soundness. As we continue our study on credit availability and the stability of Canada’s financial systems, I know that our deliberations will be informed by what we learned during our meetings in Washington.”

The Committee started its study of measures to enhance credit availability and the stability of Canada’s financial system on 3 March 2009. Since then, 13 meetings have been held in Ottawa with a broad range of stakeholders, including representatives of federal entities, the financial services sector, business groups and trade associations, consumer and retiree advocates, and academics, among others.

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For more information, please contact:
Jean-François Pagé, Clerk of the Standing Committee on Finance
Tel: 613-992-9753
E-mail: FINA@parl.gc.ca

Delegates:
James Rajotte, Chair (Conservative)
Massimo Pacetti, Vice-Chair (Liberal)
Jean-Yves Laforest, Vice-Chair (Bloc)
Mike Wallace (Conservative)
Hon. John McKay (Liberal)
Glenn Thibeault (NDP)

Meetings:
Representative Barney Frank, Chair, House Committee on Financial Services
Representative Spencer Bachus, Ranking Member, House Committee on Financial Services
Representative Paul Kanjorski, Member, House Committee on Financial Services
Senator Richard Shelby, Ranking Member, Senate Committee on Banking, Housing, and Urban Affairs American Enterprise Institute for Public Policy Research
Brookings Institution
CATO Institute
Federal Deposit Insurance Corporation
Financial Services Roundtable
Hudson Institute
International Monetary Fund
World Bank