Proceedings of the Standing Senate Committee on
Banking, Trade and Commerce
Issue No. 10 - Minutes of Proceedings - December 1, 2016
OTTAWA, Thursday, December 1, 2016
The Standing Senate Committee on Banking, Trade and Commerce met this day at
10:36 a.m., in room 9, Victoria Building, the deputy chair, the Honourable
Joseph A. Day, presiding.
Members of the committee present: The Honourable Senators Black, Day,
Enverga, Greene, Massicotte, Ringuette, Smith and Tannas (8).
Other senators present: The Honourable Senators Wallin and Wetston
In attendance: Michaël Lambert-Racine and Brett Capstick, 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 Tuesday, November
22, 2016, the committee continued its examination of the subject matter of those
elements contained in Divisions 3, 4, 5, 6 and 7 of Part 4 of Bill C-29, A
second Act to implement certain provisions of the budget tabled in Parliament on
March 22, 2016 and other measures.
As an individual:
Saul Schwartz, Professor and PhD Coordinator, School of Public Policy and
Administration, Carleton University.
Ombudsman Banking Services and Investments:
Sarah Bradley, Ombudsman and CEO.
Public Interest Advocacy Centre:
John Lawford, Executive Director and General Counsel.
ADR Chambers Banking Ombuds Office:
Marshall Schnapp, Ombudsman.
Canadian Bankers Association:
Anthony Polci, Vice President, Government Relations.
Financial Consumer Agency of Canada:
Richard Bilodeau, Director, Supervision and Promotion Branch.
Bank of Canada:
Thérèse Couture, Director, Funds Management and Banking Department;
Toni Gravelle, Chief, Financial Markets Department;
Andrew Kidd, Senior Legal Counsel, Executive and Legal Services Department.
The chair made a statement.
Mr. Shwartz, Ms. Bradley, Mr. Lawford, Mr. Schnapp, Mr. Polci and Mr.
Bilodeau each made a statement and answered questions.
At 11:44 a.m., the committee suspended.
At 11:47 a.m., the committee resumed.
The chair made a statement.
Ms. Couture made a statement and, together with Mr. Gravelle, answered
At 12:06 p.m., the committee suspended.
At 12:09 p.m., the committee, pursuant to rule 12-16(1)(d), resumed in camera
to consider a draft report.
It was agreed that the committee allow the transcription of the in camera
portion of the meeting, that one copy be kept in the office of the clerk of the
committee for consultation by committee members present and/or by the committee
analysts, and that the transcript be destroyed by the clerk when authorized to
do so by the Subcommittee on Agenda and Procedure, but no later than at the end
of this parliamentary session.
Pursuant to rule 12-16(1)(d), the committee considered a draft report.
After debate, it was agreed:
That the report be adopted with the changes as discussed today;
That the subcommittee on agenda and procedure be authorized to approve the
final version of the report with the changes as discussed today and with any
necessary further editorial, grammatical or translation changes required; and
That the chair be authorized to table the amended report in the Senate, at
the earliest opportunity.
At 12:18 p.m., the committee adjourned to the call of the chair.
Clerk of the Committee