Proceedings of the Standing Senate Committee on
Banking, Trade and Commerce
Issue 19 - Minutes of Proceedings
OTTAWA, Wednesday, March 28, 2007
(36)
[English]
The Standing Senate Committee on Banking, Trade and Commerce met at 4:06 p.m., this day, in room 9, Victoria Building, the Chair, the Honourable Jerahmiel S. Grafstein, presiding.
Members of the committee present: The Honourable Senators Angus, Biron, Chaput, Eyton, Goldstein, Grafstein, Gustafson, Moore and Tkachuk (9).
Other senator present: The Honourable Senator Day (1).
In attendance: June Dewetering and Philippe Bergevin, Analysts, Library of Parliament.
Also in attendance: The official reporters of the Senate.
Pursuant to the Order of Reference adopted by the Senate on March 21, 2007, the committee began its study of Bill C-37, to amend the law governing financial institutions and to provide for related and consequential matters. (For complete text of the order of reference, see proceedings of the committee, Issue No. 18.)
APPEARING:
The Honourable James M. Flaherty, P.C., M.P., Minister of Finance.
WITNESSES:
Canadian Bankers Association:
Terry Campbell, Vice-President, Policy;
Karen Michell, Vice-President, Banking Operations.
Credit Union Central of Canada:
Daniel Burns, Chair, Legislative Affairs Committee;
Gary Rogers, Vice-President, Financial Policy.
Department of Finance Canada:
Serge Dupont, Assistant Deputy Minister, Financial Sector Policy Branch;
Colleen Barnes, Senior Chief, Strategic Planning and Trade, Financial Sector Policy Branch;
Pascale Dugré-Sasseville, Senior Project Leader, Strategic Planning and Trade, Financial Sector Policy Branch;
Eleanor Ryan, Chief, Structural Issues, Financial Sector Policy Branch.
At 4:06 p.m., Mr. Campbell and Mr. Burns each made a statement and, together with the other witnesses, answered questions.
At 5:00 p.m., Minister Flaherty made a statement and, together with the other witnesses, answered questions.
At 5:50 p.m., the committee adjourned to the call of the Chair.
ATTEST:
OTTAWA, Thursday, March 29, 2007
(37)
[English]
The Standing Senate Committee on Banking, Trade and Commerce met at 11 a.m., this day, in room 9, Victoria Building, the Chair, the Honourable Jerahmiel S. Grafstein, presiding.
Members of the committee present: The Honourable Senators Angus, Biron, Di Nino, Eyton, Goldstein, Grafstein, Moore, Ringuette and Tkachuk (9).
In attendance: June Dewetering and Philippe Bergevin, Analysts, Library of Parliament.
Also in attendance: The official reporters of the Senate.
Pursuant to the Order of Reference adopted by the Senate on March 21, 2007, the committee continued its study of Bill C-37, An Act to amend the law governing financial institutions and to provide for related and consequential matters. (For complete text of the order of reference, see proceedings of the committee, Issue No. 18.)
WITNESSES:
Canadian Life and Health Insurance Association Inc.
Frank Zinatelli, Associate General Counsel and Vice-President.
Canadian Association of Mutual Insurance Companies
Normand Lafrenière, President.
Genworth Financial Canada
Winsor Macdonell, Vice-President and General Counsel.
At 11:00 a.m., Mr. Lafrenière and Mr. Zinatelli each made a statement and answered questions.
At 11:55 a.m., Mr. Macdonell made a statement and answered questions.
At 12:45 p.m., it was agreed that the committee proceed to clause-by-clause consideration of Bill C-37, to amend the law governing financial institutions and to provide for related and consequential matters.
Leave was granted by the committee to group the clauses of the bill.
It was agreed that the title stand postponed.
It was agreed that clauses 1 to 134 in Part I ``Amendments to the Bank Act'' carry.
It was agreed that clauses 135 to 185 in Part II ``Amendments to the Cooperative Credit Assciations Act'' carry.
It was agreed that clauses 186 to 336 in Part III ``Amendments to the Insurance Companies Act'' carry.
It was agreed that clauses 337 to 385 in Part IV ``Amendments to the Trust and Loan Companies Act'' carry.
It was agreed that clauses 386 to 449 in Part V ``Amendments to other Acts'' carry.
It was agreed that clauses 450 to 452 in Part VI ``Coordinating Amendments and Coming Into Force'' carry.
It was agreed that the title carry.
It was agreed that Bill C-37 carry.
It was agreed that the Chair report Bill C-37, to amend the law governing financial institutions and to provide forrelated and consequential matters, without amendments to the Senate.
At 12:50 p.m., the committee adjourned to the call of the Chair.
ATTEST:
Line Gravel
Clerk of the Committee