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

Issue 9 - Minutes of Proceedings

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OTTAWA, Thursday, April 26, 2001
(11)

[English]

The Standing Committee on Banking, Trade and commerce met at 11:00 a.m. this day, in Room 505, Victoria Building, the Chair, the Honourable Senator Kolber, presiding.

Members of the committee present: The Honourable Senators Angus, Fitzpatrick, Furey, Hervieux-Payette, P.C, Kolber, Kroft, Mahovlich, Meighen, Oliver, Poulin and Tkachuk (11).

In attendance: Mr. Stephen L. Harris, and from the Parliamentary Research Branch, Library of Parliament, Economic Division: Mr. Alexandre Laurin, Research Officer.

Also in attendance: The official reporters of the Senate.

APPEARING:

Roy Cullen, M.P., Parliamentary Secretary to the Minister of Finance.

WITNESSES:

From the Department of Finance:

Frank Swedlove, General Director, Financial Sector Policy Branch;

Gerry Salembier, Director, Financial Institutions Division, Financial Sector Policy Branch;

Rhoda Attwood, General Counsel, Legal Services.

From the Office of the Superintendent of Financial Institutions Canada:

Normand Bergevin, Director, Legislation and Regulations.

Pursuant to the Order of Reference adopted by the Senate on Wednesday, April 25, 2001, the committee began its examination of Bill C-8, An Act to establish the Financial Consumer Agency of Canada and to amend certain Acts in relation to financial institutions.

Mr. Cullen made a statement and with the witnesses from the Department of Finance and the Office of the Superintendent of Financial Institutions Canada answered questions.

Senator Tkachuk moved - That the committee approve the following proposed budget for legislation for the fiscal year ending March 31, 2002, and that the Chair be authorize to present the said budget to the Committee on Internal Economy, Budgets and Administration.

Summary of expenditures

Professional and Other Services $ 35,200

Transportation and communications $ 159,000

Other Expenditures $ 28,000

TOTAL $ 222,200

The question being put on the motion, it was - Resolved in the affirmative.

Senator Tkachuk moved - That the committee approve the following proposed budget for special study for the fiscal year ending March 31, 2002, and that the Chair be authorize to present the said budget to the Committee on Internal Economy, Budgets and Administration.

Summary of expenditures

Professional and Other Services $ 23,000

Transportation and communications $ 2,500

Other Expenditures $ 4,500

TOTAL $ 30,000

The question being put on the motion, it was - Resolved in the affirmative.

At 12:40 p.m., the committee adjourned to the call of the Chair.

ATTEST:

Denis Robert

Clerk of the Committee

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