FINA Committee Meeting

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MINUTES OF PROCEEDINGS

Meeting No. 18

Thursday, October 20, 2011

The Standing Committee on Finance met at 10:03 a.m. this day, in Room C-120, 1 Wellington Street, the Chair, James Rajotte, presiding.

Members of the Committee present: Mark Adler, Hon. Scott Brison, Alain Giguère, Shelly Glover, Randy Hoback, Brian Jean, Hoang Mai, Wayne Marston, Cathy McLeod, Peggy Nash, James Rajotte and Dave Van Kesteren.

Acting Members present: Mike Allen for Randy Hoback.

In attendance: Library of Parliament: Mark Mahabir, Analyst ; Brett Stuckey, Analyst . House of Commons: Marlene Sandoval, Committee Clerk.

Witnesses: Co-operative Housing Federation of Canada: Nicholas Gazzard, Executive Director, National Office. Canada's Research-Based Pharmaceutical Companies (Rx & D): Russell Williams, President. Canadian Taxpayers Federation: Gregory Thomas, Federal and Ontario Director. Certified Management Accountants of Canada: Richard Monk, Advisor, National Affairs and Former Chair. National Roundtable on Travel and Tourism : David F. Goldstein, President and Chief Executive Officer, Tourism Industry Association of Canada. Rick Hansen Foundation: Colin D. Ewart, Vice-President, Strategic Relations and Development; Mark Aston, Senior Director, Strategic Partnerships and Initiatives, Rick Hansen Institute. Rideau Institute on International Affairs: Steven Staples, President. Polytechnics Canada: Nobina Robinson, Chief executive Officer. Forest Products Association of Canada: Avrim Lazar, President and Chief Executive Officer. New Economy Alliance: Jeff Passmore, Chair. Canadian Federation for the Humanities and Social Sciences: Graham Carr, President. Canadian Life and Health Insurance Association Inc.: Frank Swedlove, President. Native Women's Association of Canada: Jeannette Corbiere Lavell, President. Canadian Institute for Military and Veteran Health Research: Alice Aiken, Director.

Pursuant to Standing Order 83.1, the Committee resumed its pre-budget consultations 2011.

Nicholas Gazzard, Russell Williams, Gregory Thomas, Richard Monk, David F. Goldstein, Colin D. Ewart, Mark Aston and Steven Staples made statements and answered questions.

At 10:55 a.m., pursuant to Standing Order 115(5), the sitting was suspended.

At 11:42 a.m., the sitting resumed.

Nobina Robinson, Avrim Lazar, Jeff Passmore, Graham Carr, Frank Swedlove, Jeannette Corbiere Lavell and Alice Aiken made statements and answered questions.

At 12:48 p.m., the sitting was suspended.

At 12:52 p.m., the sitting resumed.

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

It was agreed, — That the Committee invite the following witnesses to appear on the study of the pre-budget consultations 2011:

CropLife Canada;
First Call: BC Child and Youth Advocacy Coalition;
Grain Growers of Canada;
Saskatchewan Association of Rural Municipalities;
Saskatchewan Institute of Applied Science and Technology;
University of Saskatchewan.

Scott Brison moved, — Whereas the Government of Canada and the Bank of Canada jointly agreed in 2006 that the Bank of Canada will conduct monetary policy with the aim of keeping inflation, as measured by the consumer price index (CPI), at 2 percent;

Whereas this joint agreement on the inflation-control target ends on December 31, 2011; and

Whereas the Governor of the Bank of Canada is scheduled to appear before the Committee on November 1, 2011;

Therefore the Committee should hold at least one meeting before the end of November 2011 to hear from witnesses such as – but not limited to – members of the C.D. Howe Institute Monetary Policy Council on whether or not the Government of Canada and the Bank of Canada should consider other targets such as – but not limited to – nominal gross domestic product or full employment.

Debate arose thereon.

It was agreed, — That the motion be amended by deleting the words “such as – but not limited to – members of the C.D. Howe Institute Monetary Policy Council”.

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

The motion, as amended, read as follows:

Whereas the Government of Canada and the Bank of Canada jointly agreed in 2006 that the Bank of Canada will conduct monetary policy with the aim of keeping inflation, as measured by the consumer price index (CPI), at 2 percent;

Whereas this joint agreement on the inflation-control target ends on December 31, 2011; and

Whereas the Governor of the Bank of Canada is scheduled to appear before the Committee on November 1, 2011;

Therefore the Committee should hold at least one meeting before the end of November 2011 to hear from witnesses on whether or not the Government of Canada and the Bank of Canada should consider other targets such as – but not limited to – nominal gross domestic product or full employment.

At 1:03 p.m., the Committee adjourned to the call of the Chair.

Guyanne L. Desforges
Clerk of the Committee

2011/11/07 10:27 a.m.