THE STANDING SENATE COMMITTEE ON BANKING, COMMERCE AND THE ECONOMY

MINUTES OF PROCEEDINGS

OTTAWA, Wednesday, May 10, 2023
(45)

[English]

The Standing Senate Committee on Banking, Commerce and the Economy met this day at 4:15 p.m., in room W110, 1 Wellington St., the deputy chair, the Honourable Colin Deacon, presiding.

Members of the committee present: The Honourable Senators Deacon (Nova Scotia), Dean, Gignac, Loffreda, Marshall, Massicotte, Ringuette, Smith and Yussuff (9).

Other senators present: The Honourable Senators Cardozo and Galvez (2).

Participating in the meeting: Mehrab Kiarsi and Adriane Yong, analysts, Library of Parliament.

Pursuant to the order of reference adopted by the Senate on Thursday, December 16, 2021, the committee continued its study of matters relating to banking, trade and commerce generally.

WITNESS:

Office of the Superintendent of Financial Institutions:

Peter Routledge, Superintendent.

Peter Routledge made a statement and answered questions.

At 5:18 p.m., the committee suspended.

At 5:21 p.m., the committee resumed.

Pursuant to the order of reference adopted by the Senate on Thursday, April 27, 2023, the committee continued its examination of the subject matter of those elements contained in Clauses 118 to 122 concerning cryptoasset mining in Part 2, and Divisions 1, 2, 6, 7, 26, 33 and 37 of Part 4 of Bill C-47, An Act to implement certain provisions of the budget tabled in Parliament on March 28, 2023.

WITNESSES:

Office of the Superintendent of Financial Institutions:

Peter Routledge, Superintendent.

Banks and Trust Companies Association:

Michael Mignardi, Secretary (by videoconference).

Peter Routledge and Michael Mignardi each made a statement and answered questions.

At 6:11 p.m., the committee adjourned to the call of the chair.

ATTEST:

Andrea Mugny

Acting Clerk of the Committee