Honourable senators, I give notice that, at the next sitting of the Senate, I will move:

That, the Standing Senate Committee on Banking, Trade and Commerce, when and if it is formed, be authorized to examine and report on the need to review the Bank of Canada Act in order to:

(a)specify that the Bank of Canada’s mandate covers not only price stability, but also the pursuit of maximum employment or full and productive employment, as is the case in the United States, Australia and, recently, New Zealand;

(b)provide for the signature of an agreement between the Bank of Canada and the Minister of Finance, as has been done since 1991;

(c)provide for transparency measures regarding the procedure and choice of indicators for the setting of the key policy interest rate, as well as analyses of how the conduct of monetary policy affects the inflation rate, employment and income distribution, and report to Parliament; and

That the committee submit its final report to the Senate no later than June 20, 2020.