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

Issue 1 - Minutes of Proceedings - February 3, 2016

OTTAWA, Wednesday, February 3, 2016


The Standing Senate Committee on Banking, Trade and Commerce met this day at 4:19 p.m., in room 9, Victoria Building, the chair, the Honourable David Tkachuk, presiding.

Members of the committee present: The Honourable Senators Bellemare, Black, Campbell, Greene, Maltais, Massicotte, Ringuette, Smith (Saurel), Tannas and Tkachuk (10).

In attendance: Brett Stuckey and Dylan Gowans, Analysts, Parliamentary Information and Research Services, Library of Parliament.

Also present: The official reporters of the Senate.

Pursuant to the order of reference adopted by the Senate on Wednesday, January27, 2016, the committee began its study on the present state of the domestic and international financial system. (topic: The causes and effects of the recent decline in the Canadian dollar exchange rate)


Finance Canada:

Phil King, Director, Economic Analysis and Forecasting, Economic and Fiscal Policy Branch.

Bank of Canada:

Stephen Murchison, Advisor to the Governor.

Export Development Canada:

Peter Hall, Vice-President and Chief Economist.

The chair made a statement.

Mr. King, Mr. Murchison and Mr. Hall made statements and answered questions.

At 6:13 p.m., the committee suspended.

At 6:16 p.m., pursuant to rule12-16(1)(d), the committee resumed in camera to consider a draft agenda (future business).

It was agreed that the chair be authorized to seek authority from the Senate for the following order of reference:

That the Standing Senate Committee on Banking, Trade and Commerce be authorized to examine and report on issues pertaining to internal barriers to trade, including:

existing internal trade barriers, the reasons for their existence, and their economic, social and other effects on Canadians, Canadian businesses and the country's economy;

variations in regulatory requirements across provinces/territories, and the ways in which such variations may limit the free flow of goods and services across Canada; and

measures that could be taken by the federal and provincial/territorial governments to facilitate a reduction in — if not elimination of — internal trade barriers in order to enhance trade, as well as to promote economic growth and prosperity.

That the committee submit its final report no later than June10, 2016, and that the committee retain all powers necessary to publicize its findings until 180 days after the tabling of the final report.

At 6:19 p.m., the committee adjourned to the call of the chair.


Lynn Gordon

Clerk of the Committee