Standing Senate Committee on Banking, Trade and Commerce

Report of the committee

Tuesday, April 11, 2017

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

THIRTEENTH REPORT

Your committee, which was authorized by the Senate on Thursday, February 16, 2017, to study the current and emerging issues of the banking sector and monetary policy of the United States, respectfully requests funds for the fiscal year ending March 31, 2018, and requests, for the purpose of such study, that it be empowered 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,

DAVID TKACHUK

Chair

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STANDING SENATE COMMITTEE ON BANKING, TRADE AND COMMERCE

Study on the current and emerging issues of the banking sector and monetary policy of the United States

APPLICATION FOR BUDGET AUTHORIZATION FOR THE FISCAL YEAR ENDING MARCH 31, 2018

Extract from the Journals of the Senate of Thursday, February 16, 2017:

The Honourable Senator Tkachuk moved, seconded by the Honourable Senator Patterson:

That the Standing Senate Committee on Banking, Trade and Commerce be authorized to study and report on current and emerging issues regarding:

(a)  the regulation of the banking sector in the United States, including in the context of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act);

(b)  monetary policy in the United States, including expected increases in the target range for the federal funds rate;

(c)  bilateral economic relations between Canada and the United States that affect each country’s commerce;

(d) the manner in which changes in these economic relations and regulatory measures, and monetary policy in the United States might affect Canada’s economy and financial sector; and

That the committee submit its final report to the Senate no later than June 30, 2017, and that the committee retain 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.

Charles Robert

Clerk of the Senate

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SUMMARY OF BUDGET

Activity 1:
Fact Finding Trip To New York, NY & Washington, DC
$100,158
TOTAL$100,158

The above budget was approved by the Standing Senate Committee on Banking, Trade and Commerce on Thursday, March 30, 2017.

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












Date
DAVID TKACHUK
Chair, Standing Senate Committee on Banking, Trade and Commerce











Date
LEO HOUSAKOS
Chair, Standing Committee on Internal Economy, Budgets and Administration

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STANDING SENATE COMMITTEE ON BANKING, TRADE AND COMMERCE

Study on the current and emerging issues of the banking sector and monetary policy of the United States

EXPLANATION OF BUDGET ITEMS

APPLICATION FOR BUDGET AUTHORIZATION FOR THE FISCAL YEAR ENDING MARCH 31, 2018

ACTIVITY 1: FACT FINDING TRIP TO NEW YORK, NY & WASHINGTON, DC
15 participants: 9 Senators, 1 Clerk, 2 Analysts, 3 Interpreters





PROFESSIONAL AND OTHER SERVICES










HOSPITALITY



1.Hospitality - meals (New York) (0410)2,860




(Dinner, 18 participants)





($2,154 USD = $2,860 CDN on Mar. 23, 2017)



2.Hospitality - meals (Washington) (0410)2,860




(Dinner, 18 participants)





($2,154 USD = $2,860 CDN on Mar. 23, 2017)



3.Hospitality -room rental (New York) (0410)1,000


4.Hospitality -room rental (Washington) (0410)1,000


Sub-total
$7,720








TRANSPORTATION, ACCOMMODATION AND LIVING EXPENSES









1.Transportation - air37,500




YOW-YYZ-LGA | IAD-YYZ-YOW





9 senators x $2,500 (0224)





6 staff x $2,500 (0227)



2.Transportation - train - New York to Washington4,698




($283 USD = $376 CDN on Mar. 23, 2017)





9 senators x $376 (0224)





($165 USD = $219 CDN on Mar. 23, 2017)





6 staff x $219 (0227)



3.Hotel accommodation (New York)9,060




($454 USD = $604 CDN on Mar. 23, 2017)





9 senators, $604/night, 1 night (0222)





6 staff, $604/night, 1 night (0226)



4.Hotel accommodation (Washington)13,380




($335 USD = $446 CDN on Mar. 23, 2017)





9 senators, $446/night, 2 nights (0222)





6 staff, $446/night, 2 nights (0226)



5.Per diem7,860




($98.45 USD = $131.48 CDN on Mar. 23, 2017)





9 senators, $131/day, 4 days (0221)





6 staff, $131/day, 4 days (0225)



6.Working meals (travel) (New York) (0231)4,170




(1 breakfast, 2 lunches, 1 dinner) (18 participants)





($3,135 USD = $4,170 CDN on Mar. 23, 2017)



7.Working meals (travel) (Washington) (0231)2,870




(2 breakfasts, 2 lunches) (18 participants)





($2,160 USD = $2,870 CDN on Mar. 23, 2017)



8.Taxis4,500




9 senators x $300 (0223)





6 staff x $300 (0232)



9.Charter bus (0228)4,000




(2 days, $2,000/day)



Sub-total
$88,038








ALL OTHER EXPENDITURES










OTHER



1.Miscellaneous costs associated with travel (0229)500










PRINTING



2.Printing (0321)100










RENTALS



3.Rental office space (meeting rooms) (0540)3,000




(3 days, $1,000/day)



4.Rental - interpretation equipment (0504)800




(portable equipment)



Sub-total
$4,400








Total of Activity 1
$100,158







Grand Total

$ 100,158

The Senate Administration has reviewed this budget application.












Date
Blair Armitage, Principal Clerk,
Committees Directorate











Date
Nathalie Charpentier, Comptroller,
Finance and Procurement Directorate

APPENDIX (B) TO THE REPORT

Thursday, April 6, 2017

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, 2018, for the purpose of its special study on the current and emerging issues of the banking sector and monetary policy of the United States, as authorized by the Senate on Thursday, February 16, 2017. The approved budget is as follows:

Activity 1:
New York, NYand
Washington, DC
$100,158
TOTAL$100,158

(includes funds for a fact-finding mission; includes funds for 9 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;

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In keeping with the claw back process that is already in effect, any unexpended funds allocated in this budget for travel will be returned to the central committees’ budget at the end of October 2017, to ensure that funds are not tied up unnecessarily. These funds will be made available for redistribution to all committees for travel in the Fall of 2017, upon application to the Committee on Internal Economy, Budgets and Administration.

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,

LEO HOUSAKOS

Chair