Proceedings of the Standing Senate Committee on
Banking, Trade and Commerce

Issue 4 - Minutes of Proceedings

OTTAWA, Wednesday, December 15, 1999
(7)

[English]

The Standing Senate Committee on Banking, Trade and Commerce met this day at 3:35 p.m. in room 505, Victoria Building, the Chairman, the Honourable E. Leo Kolber, presiding.

Members of the committee present: The Honourable Senators Angus, Fitzpatrick, Furey, Kelleher, P.C., Kolber, Kroft, Meighen, Oliver and Tkachuk (9).

In attendance: From the Parliamentary Research Branch, Library of Parliament: Mr. Marion Wrobel, Senior Analyst, Economics Division.

Also present: The official reporters of the Senate.

Senator Kelleher declared that as he was counsel to Gowlings, he would not participate in the questioning of the witnesses although he did not participate in any way in the preparation of Gowlings Review of the Export Development Act.

WITNESSES:

From Gowling, Strathy & Henderson:

Mr. Guy David, Partner, Project Leader of the Review Team;

Mr. Gerald E. Shannon, Chair of Stakeholder Consultations, Review Team;

Mr. Stan McRoberts, Research Economist, Review Team;

Mr. Maxime Faille, Lawyer, Project Assistant, Review Team.

Pursuant to the Order of Reference adopted by the Senate on Tuesday, November 23, 1999, the committee resumed its examination into the present state of the domestic and international financial system and in particular its study of the Export Development Act. (See Issue No. 1, November 24, 1999, for the full text of the order of Reference.)

Mr. David made an opening statement and then, along with other witnesses, answered questions.

Follow the testimony by the witness, the committee considered the budget of the Banking Committee for the balance of the 1999-2000 fiscal year.

Professional and Other Services $ 31,000

Transportation 28,170

Other Expenditures 8,000

TOTAL $67,170

Senator Oliver moved -- That budget be adopted. It was agreed.

At 4:40 p.m., the committee proceeded in camera to discuss future business.

At 5:00 p.m., the committee adjourned to the call of the Chair.

ATTEST:

OTTAWA, Thursday, December 16, 1999
(8)

[English]

The Standing Senate Committee on Banking, Trade and Commerce met this day at 11:10 a.m. in room 505, Victoria Building, the Chairman, the Honourable E. Leo Kolber, presiding.

Members of the committee present: The Honourable Senators Angus, Fitzpatrick, Furey, Hervieux-Payette, P.C., Kelleher, P.C., Kolber, Kroft, Meighen, Oliver and Tkachuk (10).

In attendance: From the Parliamentary Research Branch, Library of Parliament: Mr. Marion Wrobel, Senior Analyst, Economics Division and Alexandre Laurin, Research Officer.

Also present: The official reporters of the Senate.

WITNESS:

From the American Council for Capital Formation:

Ms Margo Thorning, Senior Vice-President and Chief Economist.

Pursuant to the Order of Reference adopted by the Senate on Tuesday, November 23, 1999, the Committee resumed its examination into the present state of the domestic and international financial system and in particular its study of the Capital Gains Tax. (See Issue No. 1, November 24, 1999, for the full text of the order of Reference.)

Ms Thorning made an opening statement and then answered questions.

At 12:30 p.m., the committee adjourned to the call of the Chair.

ATTEST:

Gary Levy

Clerk of the Committee