Proceedings of the Standing Senate Committee on
Banking, Trade and Commerce
Issue 1 - Evidence - Meeting of November 14, 2007
OTTAWA, Wednesday, November 14, 2007
The Standing Senate Committee on Banking, Trade and Commerce met this day at 4:05 p.m., pursuant to rule 88 of the Rules of the Senate, to organize the activities of the committee.
[English]
Line Gravel, Clerk of the Committee: Honourable senators, I see that you have a quorum. You have an agenda in front of you and your first task today is the election of a chair. I am here to take any motion to that effect.
Senator Tkachuk: It gives me great pleasure to nominate Senator Angus to be the twenty-third chair of the committee.
Ms. Gravel: Senator Tkachuk moves that Senator Angus be chair of the committee.
Senator Goldstein: Seconded by me.
Ms. Gravel: Are there any other nominations?
Senator Meighen: I move the nominations be closed.
Ms. Gravel: Very well. It is moved that Senator Angus become chair of the committee. All in favour of the motion?
Hon. Senators: Agreed.
Ms. Gravel: Those against? None?
I invite the honourable senator to take the chair, please.
Senator W. David Angus (Chair) in the chair.
The Chair: Thank you very much, colleagues. I have been a member of this Standing Senate Committee on Banking, Trade and Commerce since I came to this place in 1993 at the invitation of the Governor General and at the request of the great Brian Mulroney. I cannot say how proud and pleased I am now to be elevated to the chair of the committee.
I undertake to run the committee to the best of my ability in a fair and transparent way; and in like manner, I know I can count on all of you for support. I will need lots of help. This chairmanship is the first I have been privileged to have at the Senate but I am delighted.
I think we have a lot of continuity here. I see familiar faces on both sides. There are a lot of important issues affecting the financial system, not only domestically but globally. I know we will have an interesting amount of work to do together.
Let us get on with the agenda.
Ms. Gravel is one of the most experienced and wise clerks here on the Hill and the Banking Committee is fortunate to have her here. Thank you for the preparatory work that you have done in consultation with my predecessor and other chairs that I have worked with. I am lucky enough to know that without a wise clerk behind the chairman, it would be hard to fill that function. We are lucky to have you.
I think you all have the agenda before you. Item 2 is election of a deputy chair. I open the floor for a motion on that item. I see three hands up. How about you, Senator Harb?
Senator Harb: I move that Senator Goldstein be deputy chair.
Senator Meighen: I second that.
The Chair: Are there any other nominations? There being no other nominations, all in favour?
Hon. Senators: Agreed.
The Chair: I declare you elected, Senator Goldstein. We are delighted.
Senator Goldstein: Does that mean I can move again?
The Chair: It is up to you. I thought we established an effective process with the previous session of the deputy chair sitting up here to assist. As long as you behave, I would be delighted to have you here beside me.
Senator Massicotte: May I say something?
The Chair: Yes, of course.
Senator Massicotte: I congratulate both of you on behalf of all of us. Also, given your abilities, confidence and experience, your reputations are high. The bar is high and I am sure you will satisfy it. If not, we will let you know, I am sure.
Senator Meighen: Absolutely; we will fire both of you.
The Chair: We hope that you will. That is what makes it so interesting and challenging.
Senator Ringuette: Talking about ``firing,'' I am looking at the membership list here and I wonder if I have been fired before I have started because I am not there.
Senator Meighen: Did anyone not tell you?
Senator Ringuette: I am not on the list. Is that a mistake?
Ms. Gravel: It is a mistake.
The Chair: That proves the old adage once again that no matter how wise you are, human errors do occur. Of course, you are still a member.
Ms. Gravel: Of course, you are a member.
Senator Ringuette: All right.
The Chair: I have another list before me that clearly has Senator Ringuette's name. We are delighted you are here. I would have been disappointed.
Senator Tkachuk: It says ``Liberal member'' right under my name. That is you.
The Chair: Thank you, Senator Massicotte, for your comments.
Let us move to item 3, which is the Subcommittee on Agenda and Procedure. That item is the establishment of the steering committee. I know a third person is available that the deputy chair and I have discussed. I understand it is customary not to name that individual in any motion; it gives flexibility in case of absence or other inability to act.
Would someone move that the subcommittee be established?
Senator Tkachuk: I so move.
Senator Harb: With the background of Senator Massicotte, I think he would be a good addition to both of you to serve on that subcommittee.
Senator Goldstein: I think we already agreed on a person and told that person.
Senator Harb: That is fine.
Senator Goldstein: You will not be disappointed.
Senator Harb: Thank you for the consultation.
The Chair: It has been moved by the Honourable Senator Tkachuk that we establish the Subcommittee on Agenda and Procedure. Is everyone agreed?
Hon. Senators: Agreed.
The Chair: Next is item 4, motion to print the committee's proceedings.
It is moved by the Honourable Senator Massicotte that the committee print its proceedings and that the chair be authorized to set the number to meet demand.
All in favour?
Hon. Senators: Agreed.
The Chair: On to item 5, authorization to hold meeting and to print evidence when quorum is not present.
It is moved by the Honourable Senator Meighen that pursuant to rule 89, the chair be authorized to hold meetings, to receive and authorize the printing of the evidence when a quorum is not present, provided that a member of the committee from both the government and the opposition be present.
Is it agreed?
Hon. Senators: Agreed.
The Chair: Next is the financial report, item 6. It is moved by the Honourable Senator Biron that the committee adopt the draft first report prepared in accordance with rule 104.
I understand that document has been circulated. You have a copy of it.
Senator Meighen: Yes.
The Chair: Are we all in favour?
Hon. Senators: Agreed.
The Chair: Next is item 7, research staff.
Senator Tkachuk: I so move.
The Chair: It is moved by the Honourable Senator Tkachuk that the committee ask the Library of Parliament to assign research analysts to the committee —
Senator Massicotte: Dispense.
The Chair: All in favour?
Hon. Senators: Agreed.
The Chair: Item 8 is the authority to commit funds and certify accounts.
It is moved by the Honourable Senator Harb — dispense with the reading? All in favour?
Hon. Senators: Agreed.
The Chair: Next item is travel. It is moved by the Honourable Senator Ringuette that the committee empower the Subcommittee on Agenda and Procedure to designate, as required, one or more members of the committee and/or such staff as may be necessary to travel on assignment on behalf of the committee.
All in favour?
Hon. Senators: Agreed.
The Chair: Next is item 10. It is moved by the Honourable Senator Tkachuk — shall I dispense? All in favour?
Hon. Senators: Agreed.
The Chair: Item 11 is next. It is moved by the Honourable Senator Meighen that pursuant to the Senate guidelines for witness expenses, the committee may reimburse reasonable travelling and living expenses for one witness from any one organization and payment will take place upon application, but that the chair be authorized to approve expenses for a second witness, should there be exceptional circumstances.
All in favour?
Hon. Senators: Agreed.
The Chair: Next is item 12 — electronic media coverage of meetings. It is moved by the Honourable Senator Massicotte —
Senator Massicotte: Agreed.
The Chair: Shall I dispense? All in favour?
Hon. Senators: Agreed.
The Chair: Next is item 13 — time slot for regular meetings. The time slot is Wednesdays at 4 p.m. or when the Senate rises, but not before —
Senator Meighen: May I ask a question about that? The Thursday meeting is in direct conflict with the Fisheries Committee on which I sit. I have raised this issue with the Leader of the Government in the Senate. She promised to look into it but I do not know where that will lead — probably nowhere.
Senator Massicotte: She has; that is why it is there.
Senator Meighen: I spoke to her this afternoon.
The Chair: Senator Meighen raised it with me earlier today. He has Fisheries Committee on Thursday at the same time as our meeting. You will have to work out this problem.
Senator Meighen: I was looking for guidance as to how to be in two places at the same time.
The Chair: We are sympathetic; if I can help in any way or any of us can, we will.
Next is item 14 — other business. Does anyone have any other business? If not, I would like to say, in respect to my predecessor, the Honourable Senator Grafstein, whom I served with throughout his term as his deputy chair, what a pleasure it was for me to work with him. He was totally committed to his job, I can assure you. This summer, as an example, he was out looking at the financial markets and consulting with the banks and the various regulatory agencies. He is a concerned and focused senator.
I want to thank him. I am sure all of you agree that he rendered great service not only to the Senate, but to Parliament generally and to Canada. Senator Eyton, if you would like to make a special motion in this regard, please do.
Senator Eyton: I wish to make the motion and you spoke to it eloquently. I also wonder if all of us should have some occasion, whether it is a cocktail party or a cocktail party with something to eat and a dinner. He worked hard and I think he deserves our thanks. I think a tangible way of showing that thanks would be some event where we come together and thank him for his contributions.
Senator Massicotte: Good idea.
The Chair: You will record the motion of thanks to Senator Grafstein. I did anticipate those sentiments, Senator Eyton. I have had a word with Senator Grafstein and I think a leavening period is probably in order. Perhaps closer to the holiday season might be better, but we will definitely do something.
I should say on your behalf, because of all the work he did this summer and because we have not finalized our study on hedge funds and the general mandate, that it would be interesting to invite him here as a witness. I surfaced that with him. I did not receive an enthusiastic response on that particular subject. However, he is enthusiastic about coming here on the private bill he is sponsoring to establish a national securities regulator.
I said in both contexts he would be welcome at the committee, I am sure.
[Translation]
In due time, we will invite our colleague, Senator Grafstein.
[English]
Is there any other business?
Senator Massicotte: We had the motion to thank him and we will advise him of that motion, is that correct?
The Chair: Yes, we will advise him in writing.
Senator Tkachuk: You mentioned that invitation to Winnipeg to me today, and there may be two of us who want to go. I do not know if anyone from the other side wants to go.
The Chair: We will go in camera now, if that is okay. I am not sure about the protocol for that but I think we need a motion to adjourn the formal part of the process.
Ms. Gravel: And agree to go in camera.
The Chair: Do we all agree to go in camera?
Hon. Senators: Agreed.
The committee continued in camera.