FINA Committee Meeting

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MINUTES OF PROCEEDINGS

Meeting No. 4

Tuesday, March 23, 2010

The Standing Committee on Finance met in a televised session at 3:31 p.m. this day, in Room 237-C, Centre Block, the Chair, James Rajotte, presiding.

Members of the Committee present: Kelly Block, Robert Carrier, Bernard Généreux, Russ Hiebert, Hon. John McCallum, Hon. John McKay, Ted Menzies, Massimo Pacetti, Daniel Paillé, James Rajotte and Mike Wallace.

Acting Members present: Gordon Brown for Ted Menzies and Wayne Marston for Thomas J. Mulcair.

Associate Members present: Martha Hall Findlay.

Other Members present: Hon. Judy Sgro.

In attendance: Library of Parliament: June Dewetering, Chief Analyst ; Mark Mahabir, Analyst.

Witnesses: Canadian Life and Health Insurance Association Inc.: Frank Swedlove, President; Dean Connor, Chief Operating Officer, Sun Life Financial. Ontario Municipal Employees Retirement System: Jennifer Brown, Executive Vice-President and Chief Pension Officer; Ian MacEachern, Director, Government Relations. Air Canada Component of the Canadian Union of Public Employees: Katherine Thompson, President; Lillian Speedie, Vice-President. Canada Pension Plan Investment Board: Ian Dale, Senior Vice-President, Communications and Stakeholder Relations; Donald M. Raymond, Senior Vice-President, Public Market Investments. Canadian Bankers Association: Terry Campbell, Vice-President, Policy; Marion Wrobel, Director, Market and Regulatory Developments. As an individual: Jean-Pierre Laporte, Lawyer.

Pursuant to Standing Order 108(2) and the motion adopted by the Committee on Tuesday, March 9, 2010, the Committee resumed its study of the retirement income security of Canadians.

The witnesses made statements and answered questions.

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

At 5:04 p.m., the sitting resumed.

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

John McCallum moved, — That the Committee invite the Parliamentary Budget Officer to explain how his office arrives at its revenue and expenditure projections and that the Committee also invite Department of Finance officials to explain how the Government of Canada arrives at its revenue and expenditure projections.

Debate arose thereon.

Bernard Généreux moved, — That the motion be amended by adding after the word “projections” the following:

“and private-sector economists surveyed by the Department of Finance whose views form the basis of the Department's fiscal forecasts; and

the first hour should be devoted to hearing from private sector economists alone; and

the second hour should be devoted to both the Parliamentary Budget Officer and the officials from the Department of Finance”.

After debate, the question was put on the amendment of Bernard Généreux and it was agreed to.

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

The motion, as amended, read as follows:

That the Committee invite the Parliamentary Budget Officer to explain how his office arrives at its revenue and expenditure projections; and

that the committee also invite Department of Finance officials to explain how the Government of Canada arrives at its revenue and expenditure projections and economists from the private sector; and private-sector economists surveyed by the Department of Finance whose views form the basis of the Department's fiscal forecasts;

That the first hour should be devoted to hearing from private sector economists alone; and

That the second hour should be devoted to both the Parliamentary Budget Officer and the officials from the Department of Finance.

At 5:14 p.m., the Committee adjourned to the call of the Chair.

Jean-François Pagé
Clerk of the Committee

2010/06/30 11:28 a.m.