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

Issue 21 - Eighth Report of the Committee

Thursday, December 11, 2014

The Standing Senate Committee on Banking, Trade and Commerce has the honour to present its

EIGHTH REPORT

Your committee, which was authorized by the Senate on Tuesday, March 25, 2014, to examine and report on the use of digital currency, respectfully requests funds for the fiscal year ending March 31, 2015, and requests, for the purpose of such study, that it be empowered:

(a) to engage the services of such counsel, technical, clerical and other personnel as may be necessary; and

(b) to travel outside Canada.

Pursuant to Chapter 3:06, section 2(1)(c) of the Senate Administrative Rules, the budget submitted to the Standing Committee on Internal Economy, Budgets and Administration and the report thereon of that committee are appended to this report.

Respectfully submitted,

IRVING GERSTEIN

Chair

STANDING SENATE COMMITTEE ON
BANKING, TRADE AND COMMERCE

SPECIAL STUDY ON DIGITAL CURRENCY

APPLICATION FOR BUDGET AUTHORIZATION
FOR THE FISCAL YEAR ENDING MARCH 31, 2015

Extract from the Journals of the Senate, Tuesday, March 25, 2014:

The Honourable Senator Gerstein moved, seconded by the Honourable Senator Lang:

That the Standing Senate Committee on Banking, Trade and Commerce be authorized to examine and report on the use of digital currency including the potential risks, threats and advantages of these electronic forms of exchange; and

That the Committee submits its final report no later than June 30, 2015, and that the Committee retains all powers necessary to publicize its findings until 180 days after the tabling of the final report.

After debate,

The question being put on the motion, it was adopted.

Gary W. O'Brien

Clerk of the Senate

SUMMARY OF BUDGET

The above budget was approved by the Standing Senate Committee on Banking, Trade and Commerce on Wednesday, November 26, 2014.

The undersigned or an alternate will be in attendance on the date that this budget is considered.

HISTORICAL INFORMATION

GENERAL ESTIMATE OF THE TOTAL COST OF THE SPECIAL STUDY

Pursuant to Chapter 3:06, section 2(2) of the Senate Administrative Rules.

The only anticipated activity is the one enumerated in this budget. No other expenses are anticipated for this study.

STANDING SENATE COMMITTEE ON
BANKING, TRADE AND COMMERCE

SPECIAL STUDY ON DIGITAL CURRENCY

APPLICATION FOR BUDGET AUTHORIZATION
FOR THE FISCAL YEAR ENDING MARCH 31, 2015

The Senate administration has reviewed this budget application.

APPENDIX (B) TO THE REPORT

Thursday, December 11, 2014

The Standing Committee on Internal Economy, Budgets and Administration has examined the budget presented to it by the Standing Senate Committee on Banking Trade and Commerce for the proposed expenditures of the said Committee for the fiscal year ending March 31, 2015, for the purpose of its special study on digital currency, as authorized by the Senate on Tuesday, March 25, 2014. The said budget is as follows:

Activity 1: New York, New York	$ 78,834
Total	$ 78,834
(includes funds for a fact finding mission; includes funds for 12 senators to travel)

The budgets approved by the Senate for each travel activity are the maximum amount that can be spent for that activity;

Budgets normally include funds for the full membership of the committee to travel;

In general, a reduced delegation actually travels and efforts are made to find additional savings;

Therefore, actual expenditures are expected to be considerably below the approved budget, and they will be reported to the Senate;

Any surplus funds remaining at the conclusion of a travel activity will be clawed-back and can be made available for allocation to committees for other activities.

Respectfully submitted,

PIERRE CLAUDE NOLIN

Chair