FINA Committee Meeting

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MINUTES OF PROCEEDINGS

Meeting No. 39

Wednesday, April 30, 2008

The Standing Committee on Finance met in a televised session at 3:30 p.m. this day, in Room 253-D, Centre Block, 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, Thomas J. Mulcair, Massimo Pacetti, Hon. Garth Turner and Mike Wallace.

Acting Members present: Martha Hall Findlay for Hon. John McCallum and Brian Jean for Rick Dykstra.

In attendance: Library of Parliament: June Dewetering, Principal Analyst ; Alexandre Laurin, Analyst.

Witnesses: Bank of Canada: Mark Carney, Governor; Paul Jenkins, Senior Deputy Governor.

Pursuant to Standing Order 108(2), the Committee commenced its study on the Report of the Governor of the Bank of Canada on Monetary Policy.

Mr. Mark Carney made a statement and, with Paul Jenkins, answered questions.

At 5:15 p.m., the sitting was suspended.

At 5:16 p.m., the sitting resumed.

It was agreed, — That the Committee be granted an operational budget of $26, 850 for its study of Bill C-50, An Act to implement certain provisions of the budget tabled in Parliament on February 26, 2008 and to enact provisions to preserve the fiscal plan set out in that budget.

It was agreed, — That the Clerk of the Committee make the necessary arrangements for a lunch at 12:00 p.m. on Monday May 5, 2008 with a British Delegation.

Garth Turner moved, — That the finance committee investigate the potential of a US-style real estate decline taking place in Canada, the resultant impact on homeowners and those dependent on the housing market. That the committee, in the course of this investigation, probe the influence of 40-year mortgage amortizations, the growing popularity of no-money-down financing, the Canadian subprime market, CHMC and its Flex 100 program and the regulatory environment surrounding the mortgage and real estate marketing industries.

Mike Wallace moved, — That the motion be amended by replacing the words “investigate the potential of a US style real estate decline taking place in Canada, the resultant impact on homeowners and those dependent on” with the words “study the state of the Canadian housing market”.

Debate arose thereon.

The question was put on the amendment of Mike Wallace and it was agreed to, by a show of hands: YEAS: 8; NAYS: 3.

After debate, the question was put on the motion and it was agreed to, by a show of hands: YEAS: 8; NAYS: 3.

The motion, as amended, read as follows:

That the finance committee study the state of the Canadian housing market. That the committee, in the course of this investigation, probe the influence of 40-year mortgage amortizations, the growing popularity of no-money-down financing, the Canadian subprime market, CHMC and its Flex 100 program and the regulatory environment surrounding the mortgage and real estate marketing industries.

At 5:32 p.m., the Committee adjourned to the call of the Chair.

Jean-François Pagé
Clerk of the Committee

2008-05-02 11:30 a.m.