FINA Committee Meeting

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MINUTES OF PROCEEDINGS

Meeting No. 49

Thursday, March 15, 2012

The Standing Committee on Finance met at 3:30 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, Alain Giguère, Shelly Glover, Randy Hoback, Brian Jean, Peter Julian, Hoang Mai, Cathy McLeod, James Rajotte and Dave Van Kesteren.

Acting Members present: Tarik Brahmi for Robert Chisholm.

In attendance: House of Commons: Wayne Cole, Legislative Clerk . Library of Parliament: Mark Mahabir, Analyst ; Brett Stuckey, Analyst.

Witnesses: Department of Finance: Diane Lafleur, General Director, Financial Sector Policy Branch; Jane Pearse, Director, Financial Institutions Division; Leah Anderson, Director, Financial Sector Division, Financial Sector Policy Branch; Eleanor Ryan, Senior Chief, Financial Sector Policy Branch; Joseph de Pencier, Senior Counsel, General Legal Services; Khusro Saeedi, Senior Project Leader, Competition Issues and Transactions.

Pursuant to the Order of Reference of Tuesday, February 14, 2012, the Committee resumed consideration of Bill S-5, An Act to amend the law governing financial institutions and to provide for related and consequential matters.

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

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

The Chair called Clause 2.

Jane Pearse, Diane Lafleur and Eleanor Ryan answered questions.

By unanimous consent, Clauses 2 to 52 inclusive carried on division.

On Clause 53,

Peter Julian moved, — That Bill S-5, in Clause 53, be amended by replacing line 32 on page 22 with the following:

“granting of an approval, the Minister shall, in”

After debate, the question was put on the amendment of Peter Julian and it was negatived, by a show of hands: YEAS: 4; NAYS: 7.

Peter Julian moved, — That Bill S-5, in Clause 53, be amended by adding after line 40 on page 22 the following:

“(c) the stability of the Canadian economy;

(d) the best interests of the Canadian economy; and

(e) any written report of the Superintendent.”

The question was put on the amendment of Peter Julian and it was negatived, by a show of hands: YEAS: 5; NAYS: 6.

Clause 53 carried on division.

By unanimous consent, Clauses 54 to 117 inclusive carried on division.

On Clause 118,

Peter Julian moved, — That Bill S-5, in Clause 118, be amended by replacing line 16 on page 49 with the following:

“granting of an approval, the Minister shall, in”

The question was put on the amendment of Peter Julian and it was negatived, by a show of hands: YEAS: 4; NAYS: 7.

Peter Julian moved, — That Bill S-5, in Clause 118, be amended by adding after line 24 on page 49 the following:

“(c) the stability of the Canadian economy;

(d) the best interests of the Canadian economy; and

(e) any written report of the Superintendent.”

The question was put on the amendment of Peter Julian and it was negatived, by a show of hands: YEAS: 5; NAYS: 6.

Clause 118 carried on division.

By unanimous consent, Clauses 119 to 139 inclusive carried on division.

On Clause 140,

Peter Julian moved, — That Bill S-5, in Clause 140, be amended by replacing line 33 on page 58 with the following:

“granting of an approval, the Minister shall, in”

The question was put on the amendment of Peter Julian and it was negatived, by a show of hands: YEAS: 4; NAYS: 7.

Peter Julian moved, — That Bill S-5, in Clause 140, be amended by adding after line 41 on page 58 the following:

“(c) the stability of the Canadian economy;

(d) the best interests of the Canadian economy; and

(e) any written report of the Superintendent.”

The question was put on the amendment of Peter Julian and it was negatived, by a show of hands: YEAS: 5; NAYS: 6.

Clause 140 carried on division.

By unanimous consent, Clauses 141 to 178 inclusive carried on division.

On Clause 179,

Peter Julian moved, — That Bill S-5, in Clause 179, be amended by replacing line 18 on page 74 with the following:

“granting of an approval, the Minister shall, in”

The question was put on the amendment of Peter Julian and it was negatived, by a show of hands: YEAS: 4; NAYS: 7.

Peter Julian moved, — That Bill S-5, in Clause 179, be amended by adding after line 26 on page 74 the following:

“(c) the stability of the Canadian economy;

(d) the best interests of the Canadian economy; and

(e) any written report of the Superintendent.”

The question was put on the amendment of Peter Julian and it was negatived, by a show of hands: YEAS: 5; NAYS: 6.

Clause 179 carried on division.

By unanimous consent, Clauses 180 to 202 inclusive carried on division.

On Clause 203,

Peter Julian moved, — That Bill S-5, in Clause 203, be amended by replacing line 26 on page 87 with the following:

“by the recipient and with the approval of the”

After debate, the question was put on the amendment of Peter Julian and it was negatived, by a show of hands: YEAS: 4; NAYS: 7.

Clause 203 carried on the following recorded division: YEAS: Mark Adler, Scott Brison, Shelly Glover, Randy Hoback, Brian Jean, Cathy McLeod, Dave Van Kesteren — 7; NAYS: Tarik Brahmi, Alain Giguère, Peter Julian, Hoang Mai — 4.

By unanimous consent, Clauses 204 to 225 inclusive carried on division.

The Short Title carried on division.

The Title carried on division.

The Bill carried on the following recorded division: YEAS: Mark Adler, Scott Brison, Shelly Glover, Randy Hoback, Brian Jean, Cathy McLeod, Dave Van Kesteren, Tarik Brahmi, Alain Giguère, Peter Julian, Hoang Mai — 11.

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

At 4:18 p.m., the sitting was suspended.

At 4:21 p.m., the sitting resumed.

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

Peter Julian moved, — That, pursuant to Standing Order 110 and 111, the Committee examine the following Order in Council appointments: P.C. 2011-1507 to PC 2011-1511, P.C. 2011-1625 to P.C. 2011-1628, which were referred to the Committee on February 3, 2012, and that the Committee report back to the House.

Debate arose thereon.

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

At 4:45 p.m., the sitting was suspended.

At 4:45 p.m., the sitting resumed in camera

It was agreed, — That the proposed budget in the amount of $ 10,000 for the professional services and software for e-consultations for the study on pre-budget consultations 2012 be adopted, and that the Chair present the said budget to the Subcommittee on Committee Budgets of the Liaison Committee.

At 5:17 p.m., the Committee adjourned to the call of the Chair.

Guyanne L. Desforges
Clerk of the Committee

2012/03/28 11:14 a.m.