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

Issue 7 - Minutes of Proceedings - December 7, 2011

OTTAWA, Wednesday, December 7, 2011
(16)

[English]

The Standing Senate Committee on Banking, Trade and Commerce met this day at 4 p.m., in room 9, Victoria Building, the chair, Honourable Michael A. Meighen, presiding.

Members of the committee present: The Honourable Senators Di Nino, Gerstein, Greene, Harb, Hervieux-Payette, P.C., Losier-Cool, Meighen, Moore, Oliver and Smith (Saurel) (10).

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

Also in attendance: The official reporters of the Senate.

Pursuant to the order of reference adopted by the Senate on Tuesday, December 6, 2011, the committee began its examination of Bill S-5, An Act to amend the law governing financial institutions and to provide for related and consequential matters.

APPEARING:

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

WITNESSES:

Department of Finance Canada:

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

Jane Pearse, Director, Financial Institutions Division;

Eleanor Ryan, Senior Chief, Financial Institutions Division;

Leah Anderson, Director, Financial Sector Division;

Joseph de Pencier, Senior Counsel, General Legal Services;

James Wu, Chief, Financial Institutions Analysis;

Beth Woloski, Chief, Current Analysis;

Jean-François Girard, Acting Chief, Financial Stability.

The chair made an opening statement.

The minister made a statement and, together with Mr. Rudin and Ms. Pearse, answered questions.

At 4:34 p.m., the committee suspended.

At 4:36 p.m., the committee resumed.

Mr. Rudin, Ms. Pearse, Ms. Ryan and Ms. Anderson answered questions.

At 5:18 p.m., the committee adjourned to the call of the chair.

ATTEST:

Adam Thompson

Clerk of the Committee