BANC - Standing Committee

Banking, Commerce and the Economy

Past Session: Past Session:
35-2 35th Parliament, 2nd Session (February 27, 1996 - April 27, 1997)
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Proceedings of the Standing Senate Committee on
Banking, Trade and Commerce

Issue 7 - Minutes of Proceedings

OTTAWA, Wednesday, July 3, 1996
(13)

[English]

The Standing Senate Committee on Banking, Trade and Commerce met this day at 9:00 a.m. in Room 505, Victoria Building, the Chairman, the Honourable Michael Kirby, presiding.

Members of the Committee present: The Honourable Senators Angus, Kelleher, P.C., Kirby, Kolber, Meighen and Stewart. (6)

Other senator present: The Honourable Senator Oliver.

In attendance: From the Research Branch of the Library of Parliament, Mr. Gerald Goldstein, Director, Economics Division and Ms Margaret Smith, Research Officer, Law and Government.

Also present: The official reporters of the Senate.

APPEARING:

The Honourable John Manley, P.C., M.P., Minister of Industry.

WITNESSES:

From Industry Canada:

Mr. Peter Sagar, Director General, Entrepreneurship and Small Business Office.

From the Department of Finance:

Mr. Bob Hamilton, Acting Assistant Deputy Minister, Financial Sector Policy Branch;

Mr. Frank Swedlove, Director, Financial Sector Division;

Ms Martine Doyon, Chief, Policy Development, Financial Sector Division.

Pursuant to the Order of Reference adopted by the Senate on Thursday, March 21, 1996, the Committee resumed its examination into the state of the financial system in Canada.

The Minister made an opening statement in which he responded to the Committee's Report on Crown financial institutions. He then answered questions.

The Committee then proceeded to hear from Department of Finance officials on the 1997 financial sector legislation White Paper. Mr. Hamilton reviewed the White Paper and along with Mr. Swedlove and Ms. Doyon answered questions.

At 12:00 p.m., the Committee proceeded, in camera, to consider comments received on the Committee's draft report on corporate governance.

The Committee agreed -- THAT certain changes be made to the report and that it be deposited with the Clerk of the Senate, in accordance with permission granted on March 28, 1996.

At 1:30 p.m. the Committee adjourned to the call of the Chair.

ATTEST:

Paul Benoit

Clerk of the Committee