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

Issue 18 - Minutes of Proceedings - May 16, 2012

OTTAWA, Wednesday, May 16, 2012


The Standing Senate Committee on Banking, Trade and Commerce met this day at 1:02 p.m., in room 160-S, Centre Block, the chair, the Honourable Irving Gerstein, presiding.

Members of the committee present: The Honourable Senators Gerstein, Greene, Harb, Hervieux-Payette, P.C., Massicotte, Moore, Oliver, Ringuette, Smith (Saurel), Stewart Olsen and Tkachuk (11).

Other senator present: The Honourable Senator Rivard (1).

In attendance: John Bulmer, June Dewetering and Adriane Yong, Analysts, Parliamentary Information and Research Service, Library of Parliament; David Charbonneau, Communications Officer.

Also in attendance: The official reporters of the Senate.

Pursuant to the order of reference adopted by the Senate on Thursday, May 3, 2012, the committee began its examination of the subject-matter of those elements contained in Divisions 2, 10, 11, 22, 28, and 36 of Part 4 of Bill C- 38, An Act to implement certain provisions of the budget tabled in Parliament on March 29, 2012 and other measures.


The Honourable James M. Flaherty, P.C., M.P., Minister of Finance.


Department of Finance Canada:

Jeremy Rudin, Assistant Deputy Minister, Financial Sector Policy Branch;

Jane Pearse, Director, Financial Institutions;

James Wu, Chief, Financial Institutions Analysis;

Veronica C. Wessels, Expert Advisor, Financial Institutions Division;

Eleanor Ryan, Senior Chief, Financial Institutions Framework Policy, Financial Institutions Division;

Annie Hardy, Chief, Structural Issues;

Ling Wang, Chief, Housing Finance Review, Financial Institutions Division, Housing Finance Review;

Tamara Miller, Chief, Labour Markets, Employment and Learning.

Industry Canada:

Gerard Peets, Senior Director, Strategy and Planning Directorate;

Patricia Brady, Director, Investment, Insolvency, Competition and Corporate Policy Directorate.

Human Resources and Skills Development Canada:

Anthony Giles, Director General, Strategic Policy, Analysis and Workplace Information Directorate.

The chair made an opening statement.

The minister made a statement, and, together with Messrs. Rudin and Giles, and Ms. Brady, answered questions.

At 2 p.m., the committee suspended.

At 2:10 p.m., the committee resumed.

Mr. Rudin made a statement, and together with Ms. Pearse, Ms. Hardy and Ms. Wang, answered questions.

Mr. Giles and Mr. Peets each made a statement and together with Ms. Brady and Ms. Miller, answered questions.

At 3:00 p.m., the committee adjourned to the call of the chair.


Adam Thompson

Clerk of the Committee