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View Peter Julian Profile
NDP (BC)
I gather that means the CERB will continue, and I certainly hope that people with disabilities will receive their long-promised commitment for additional supports, but that contrasts with what we've learned over the last few days on this government's support for the banking sector.
We received yesterday from OSFI a response to our question from last week about the supports that are being provided to the big banks. The letter is lengthy. It talks about three programs. The sum total of supports, including regulatory relaxation, is $750 billion. That's three-quarters of $1 trillion.
As you know, the banking sector this week announced substantial profits of $6 billion in profits for the first quarter, in the midst of a pandemic. The banking sector has not reduced its interest rates to zero, like the credit union movement has. The banks have not provided for interest-free, penalty-free, fee-free deferrals, so they're continuing to make money hand over fist.
My question is very simple. This government has tools and this government has powers that allow it to rein in the big banks that are profiteering during this crisis. Why are you not choosing to use those tools?
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