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Minutes of Proceedings

42nd Parliament, 1st Session
Meeting No. 162
Wednesday, June 13, 2018, 4:16 p.m. to 5:21 p.m.
Hon. Wayne Easter, Chair (Liberal)

Library of Parliament
• Andrew Barton, Analyst
• Brett Capstick, Analyst
The Committee proceeded to the consideration of matters related to Committee business.


Tom Kmiec moved, — That, pursuant to Standing Orders 108(1)(a) and 108(1)(c), a subcommittee on Guideline B-20 (federal regulatory changes introduced on January 1, 2018, by the Office of the Superintendent of Financial Institutions), be established to study the impacts of the Guideline B-20 regulatory changes on Canadians as they relate to each of the following:

(a) first-time homebuyers, young families, single-parent families, new Canadians, and segments of the population who are traditionally underrepresented in real estate;

(b) the volume of home sales in the Canadian real estate market and the consequential impact of such changes on Canadians seeking to sell their home;

(c) their impact in concert with the numerous other federal regulatory changes related to Canadian mortgages;

(d) the impacts of Guideline B-20 weighted against the declared objectives of the Office of the Superintendent of Financial Institutions in implementing the Guideline B-20 changes;

(e) the necessity of the Guideline B-20 regulations considering the capital, liquidity, and deposit ratios of Canadian banks and overall resilience of Canadian financial institutions;

That, in the course of its study, the Subcommittee examine the effectiveness and scope of the Guideline B-20 changes and consider recommendations regarding future mortgage regulatory policies to be considered by the Office of the Superintendent of Financial Institutions and the Department of Finance;

That the Subcommittee be composed of seven (7) members, of which four (4) shall be from the Liberal party, two (2) from the Conservative Party, and one (1) from the NDP, to be named following the usual consultations with the Whips;

That the Chair of the Subcommittee be a member of the Liberal party, and be elected by the Subcommittee;

That the Chair be authorized to hold meetings and to receive and publish evidence when a quorum is not present, provided that at least three (3) members are present, including one member of the opposition;

That, whenever possible, meetings of the Subcommittee be televised;

That the Subcommittee be granted all transferable powers of the Standing Committee pursuant to Standing Order 108(1); and

That the Subcommittee report to the Standing Committee on Finance no later than Friday, December 21, 2018, and that, upon adoption of any report related to the Subcommittee’s work, the Standing Committee on Finance request, pursuant to Standing Order 109, that the government table a comprehensive response to the report within 120 days of its presentation to the House.

Debate arose thereon.

After debate, the question was put on the motion and it was negatived on the following recorded division:

YEAS: Dan Albas, Pierre-Luc Dusseault, Tom Kmiec — 3;

NAYS: Greg Fergus, Raj Grewal, Michael V. McLeod, Jennifer O'Connell, Francesco Sorbara — 5.

At 4:55 p.m., the sitting was suspended.

At 4:55 p.m., the sitting resumed in camera.

Pursuant to the Order of Reference of Monday, January 29, 2018, the motion adopted by the Committee on Wednesday, January 31, 2018, and section 72 of the Proceeds of Crime and Terrorist Financing Act, the Committee resumed the statutory review of the Act.

The Committee proceeded to give drafting instructions to the analysts for a report.

At 5:21 p.m., the Committee adjourned to the call of the Chair.

David Gagnon
Clerk of the Committee