FINA Committee Meeting

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MINUTES OF PROCEEDINGS

Meeting No. 74

Monday, October 1, 2012

The Standing Committee on Finance met at 3:29 p.m. this day, in Room 253-D, Centre Block, the Chair, James Rajotte, presiding.

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

Acting Members present: Glenn Thibeault for Wayne Marston.

In attendance: Library of Parliament: Mark Mahabir, Analyst ; Daniel Benatuil, Analyst . House of Commons: Chloé O'Shaughnessy, Legislative Clerk ; Mike MacPherson, Legislative Clerk.

Witnesses: Department of Finance: Rambod Behboodi, General Counsel, General Legal Services; Eleanor Ryan, Senior Chief, Strategic Planning and Trade.

Pursuant to the Order of Reference of Wednesday, June 20, 2012, the Committee resumed consideration of Bill C-28, An Act to amend the Financial Consumer Agency of Canada Act.

The Committee commenced its clause-by-clause study of the Bill.

Eleanor Ryan and Rambod Behboodi answered questions.

Pursuant to Standing Order 75(1), consideration of Clause 1 was postponed.

The Chair called Clause 2.

Glenn Thibeault moved, — That Bill C-28, in Clause 2, be amended by adding after line 8 on page 1 the following:

““financial literacy” means the state of having the knowledge, skills and confidence to make responsible financial decisions and become more aware of financial risks and opportunities.”

After debate, the question was put on the amendment of Glenn Thibeault and it was negatived, by a show of hands: YEAS: 5; NAYS: 6.

Clause 2 carried on division.

On Clause 3,

Glenn Thibeault moved, — That Bill C-28, in Clause 3, be amended by replacing lines 16 to 19 on page 1 with the following:

“(g) contribute to and support initiatives to strengthen the financial literacy of Canadians, including by collaborating with federal departments and agencies in coordinating financial literacy initiatives, with particular focus on research and innovation related to financial literacy and on the communication of international principles and best practices; and

(h) engage in consultations with the federal government, other levels of government, aboriginal groups, international agencies, educational institutions, financial service providers, other relevant organizations, employers, unions and citizens to strengthen the financial literacy of Canadians.”

After debate, the question was put on the amendment of Glenn Thibeault and it was negatived, by a show of hands: YEAS: 5; NAYS: 6.

Clause 3 carried on division.

Clause 4 carried on division.

On Clause 5,

Glenn Thibeault moved, — That Bill C-28, in Clause 5, be amended by replacing line 6 on page 2 with the following:

“point an officer who is proficient in both official languages to be called the Financial”

After debate, the question was put on the amendment of Glenn Thibeault and it was negatived, by a show of hands: YEAS: 5; NAYS: 6.

Glenn Thibeault moved, — That Bill C-28, in Clause 5, be amended by adding after line 41 on page 2 the following:

“4.2 An advisory council, comprised of members who represent and reflect the diversity of stakeholders and who are appointed by the Commissioner, shall advise the Financial Literacy Leader respecting the strengthening of financial literacy in Canada within the objects described in subsection 3(2). The members of the advisory council shall hold office without remuneration and shall not be reimbursed for expenses incurred in the course of their duties.”

After debate, the question was put on the amendment of Glenn Thibeault and it was negatived, by a show of hands: YEAS: 5; NAYS: 6.

After debate, Clause 5 carried on division.

Clause 6 carried on division.

On Clause 7,

Glenn Thibeault moved, — That Bill C-28, in Clause 7, be amended by replacing lines 8 and 9 on page 3 with the following:

“He or she may carry on any activity considered necessary in furtherance of that”

After debate, the question was put on the amendment of Glenn Thibeault and it was negatived, by a show of hands: YEAS: 5; NAYS: 6.

Clause 7 carried on division.

Clause 8 carried on division.

Clause 9 carried on division.

Clause 10 carried on division.

Clause 11 carried on division.

Clause 12 carried on division.

Clause 13 carried on division.

On Clause 14,

Glenn Thibeault moved, — That Bill C-28, in Clause 14, be amended by replacing line 43 on page 4 with the following:

“of Canadians and the degree to which the financial literacy of Canadians has been strengthened by the Financial Literacy Leader.”

After debate, the question was put on the amendment of Glenn Thibeault and it was negatived, by a show of hands: YEAS: 5; NAYS: 6.

Clause 14 carried on division.

Clause 15 carried on division.

The Short Title carried on division.

The Title carried on division.

The Bill carried on division.

ORDERED, — That the Chair report the Bill to the House.

At 4:16 p.m., the sitting was suspended.

At 4:25 p.m., the sitting resumed.

Randy Hoback moved, — That the Committee, for meetings outside its regular schedule, do not consider any substantive motions.

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

On motion of Randy Hoback, it was agreed, — That the proposed meeting of November 8, 2012 on Bill C-377 be moved to November 7, 2012; and the meeting on Potential Bills initally scheduled on November 7, 2012 be now moved to November 29, 2012.

At 4:37 p.m., the Committee adjourned to the call of the Chair.

Jean-François Lafleur, Suzie Cadieux
Clerks of the Committee

2012/12/18 10:47 a.m.